Reetu | Apr 20, 2022 |
RBI New Circular on Opening of Current Accounts and CC/OD Accounts by Banks
The Reserve Bank of India (RBI) issued Circular No. DOR.CRE.REC.23/21.08.008/2022-23 dated 19th April on Opening of Current Accounts and CC/OD Accounts by Banks.
The Circular is Given Below:
Please refer to circular DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020 on Opening of Current Accounts by Banks – Need for Discipline and associated circulars thereon. The Annex consolidates all instructions/ guidelines issued on the subject till date.
Opening of Current Accounts and CC/OD Accounts by Banks
This Circular consolidates earlier instructions issued by the Reserve Bank of India, on opening and operation of current accounts and CC/OD accounts with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders.
This circular consolidates instructions contained in the following circulars issued on the above subject:
(i) DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020
(ii) DOR.No.BP.BC.27/21.04.048/2020-21 dated November 02, 2020
(iii) DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020
(iv) DOR.CRE.REC.35/21.04.048/2021-22 dated August 4, 2021
(v) DOR.CRE.REC.63/21.04.048/2021-22 dated October 29, 2021
The provisions of these instructions shall apply to current accounts and CC/OD accounts opened or maintained with the following Regulated Entities (REs):
(i) All Scheduled Commercial Banks
(ii) All Payments Banks
(i) “Exposure” for the purpose of these instructions shall mean sum of sanctioned fund based and non-fund-based credit facilities availed by the borrower 2 . All such credit facilities carried in their Indian books shall be included for the purpose of exposure calculation.
(ii) “Banking System” for the purpose of these instructions, shall include Scheduled Commercial Banks and Payments Banks only.
To Read Full Circular Download PDF Given Below:
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