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RBI EXEMPTS CERTAIN ACCOUNTS FROM ITS CURRENT ACCOUNT NORM

Updated on:14th Dec, 2020
The Reserve Bank of India (RBI) on Monday allowed some accounts to be excluded from the ambit of its circular in August in which the regulator had specified certain rules for opening current accounts with banks. On 6 August, the central bank said that borrowers with more than ₹50 crore exposure to the banking system should have an escrow mechanism and only banks managing such escrow accounts can open current accounts. Companies with less than ₹50 crore exposure will have fewer restrictions in opening such accounts....
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