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Opening of Current Accounts by Banks - Need for Discipline - RBI - RBI/2020-2021/20 DOR.No.BP.BC/7/21.04.048/2020-21

Extract

..... orm of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account. ii. Where a bank’s exposure1 to a borrower is less than 10 per cent of the exposure of the banking system to that borrower, while credits are freely permitted, debits to the CC/OD account can only be for credit to the CC/OD account of that borrower with a bank that has 10 per cent or more of the exposure of the banking system to that borrower. Funds will be remitt .....

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Opening of Current Accounts by Banks - Need for Discipline - RBI

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..... dated December 5, 2018, bifurcation of working capital facility into loan component and cash credit component shall henceforth be maintained at individual bank level in all cases, including consortium lending. v. In case of customers who have not availed CC/OD facility from any bank, banks may open current accounts as under: (a) In case of borrowers where exposure of the banking system is ₹50 crore or more, banks shall be required to put in place an escrow mechanism. Accordingly, current .....

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Opening of Current Accounts by Banks - Need for Discipline - RBI

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..... as defined at (v) (a) above. (c) In case of borrowers where exposure of the banking system is less than ₹5 crore, banks may open current accounts subject to obtaining an undertaking from such customers to the effect that customers shall inform the bank(s), if and when the credit facilities availed by them from the banking system becomes ₹5 crore or more. The current account of such customers, as and when the exposure of the banking system becomes ₹5 crore or more and ₹50 .....

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Opening of Current Accounts by Banks - Need for Discipline - RBI

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