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Guidelines for Implementation of the circular on Opening of Current Accounts by Banks - RBI - RBI/2021-22/77 DOR.CRE.REC.35/21.04.048/2021-22

Extract

..... ions were issued vide the above circulars in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders; and for this purpose, a graded approach had been prescribed on opening and operating of current accounts and CC/OD facilities. Banks were required to implement these instructions in a non-disruptive manner while keeping the bonafide business requirements of the borrowers in mind. 3. It is reiterated that: (a) In case of borrowers who hav .....

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Guidelines for Implementation of the circular on Opening of Current Accounts by Banks - RBI

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..... he circular in letter and spirit. Therefore, in order to ensure that the instructions are implemented in a non-disruptive manner, it has been decided that: (a) Banks will be permitted time till October 31, 2021 to implement the provisions of the circular. This extended time line shall be utilised by banks to engage with their borrowers to arrive at mutually satisfactory resolutions within the ambit of the circular. Such issues which banks are unable to resolve themselves shall be escalated to In .....

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Guidelines for Implementation of the circular on Opening of Current Accounts by Banks - RBI

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