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

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..... s Please refer to circulars DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020, DOR.No.BP.BC.27/21.04.048/2020-21 dated November 2, 2020 and DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020 on Opening of Current Accounts by Banks - Need for Discipline. 2. The instructions were issued vide the above circulars in order to enforce credit discipline amongst the borrowers as well as to fa .....

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..... such borrowers from opening a current account. Even non-lending banks can open current accounts for such borrowers though only for collection purposes. (c) The restriction applies to borrowers in case they avail of CC/OD facility since all operations that can be carried out from a current account can also be carried out from a CC/OD account as banks in a CBS environment follow a one-bank-one-cus .....

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..... eration shall be flagged by IBA to the Reserve Bank for examination by September 30, 2021. (b) In terms of para 1(vii) of circular DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020, accounts of White Label ATM operators and their agents are exempt from the provisions of the Current Account circular dated August 6, 2020. Since Cash-in-Transit (CIT) Companies/ Cash Replenishment Agencies ( .....

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