{"id":594,"date":"2021-09-19T23:58:58","date_gmt":"2021-09-19T18:28:58","guid":{"rendered":"http:\/\/sh026.global.temp.domains\/~qmkgwamy\/taxrodo\/news\/?p=594"},"modified":"2021-09-19T23:59:01","modified_gmt":"2021-09-19T18:29:01","slug":"deadline-on-current-account","status":"publish","type":"post","link":"https:\/\/taxrodo.com\/news\/economy\/deadline-on-current-account\/","title":{"rendered":"Deadline On Current Account"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>The Reserve Bank Of India (RBI) Has Allowed Banks Time Till <u>October 31, 2021<\/u> To Implement Its Guidelines On Opening And Operating Of Current Accounts<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"690\" height=\"390\" src=\"https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/rbi_banks_-tax_rodo.jpg\" alt=\"\" class=\"wp-image-595\" srcset=\"https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/rbi_banks_-tax_rodo.jpg 690w, https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/rbi_banks_-tax_rodo-300x170.jpg 300w\" sizes=\"auto, (max-width: 690px) 100vw, 690px\" \/><\/figure>\n\n\n\n<p class=\"has-drop-cap\">The RBI said its restriction on current accounts applies to borrowers in case they avail of CC\/OD [cash credit\/overdraft] 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- customer model as against a one-branch-one-customer model.<\/p>\n\n\n\n<p>\u201cSuch issues which banks are unable to resolve themselves shall be escalated to Indian Banks\u2019 Association (IBA) for appropriate guidance. Residual issues, if any, requiring regulatory consideration shall be flagged by IBA to the Reserve Bank for examination by September 30, 2021,\u201d.<\/p>\n\n\n\n<p>For this purpose, a graded approach had been prescribed on opening and operating of current accounts and CC\/OD facilities.<\/p>\n\n\n\n<p>Banks were required to implement these instructions in a non-disruptive manner while keeping the bona fide business requirements of the borrowers in mind.<\/p>\n\n\n\n<p>In case of borrowers who have not availed of CC\/OD facility from any bank, there is no restriction on opening of current accounts by any bank if exposure of the banking system to such borrowers is less than Rs.5 cr.<\/p>\n\n\n\n<p>In case of borrowers who have not availed of CC\/OD facility from any bank and the exposure of the banking system is Rs.5 crore or more but less than Rs.50 cr., there is no restriction on lending banks to such borrowers from opening a current account.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>As per norms banks are not permitted to open current accounts for borrowers who have availed agricultural\/ personal OD or OD against deposits<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank Of India (RBI) Has Allowed Banks Time Till October 31, 2021 To Implement Its Guidelines On Opening And Operating Of Current Accounts The RBI said its restriction&hellip; <\/p>\n","protected":false},"author":7,"featured_media":595,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[260,258,259,68,257],"class_list":["post-594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-bank","tag-cc-od","tag-economy","tag-india","tag-rbi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deadline On Current 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