The Reserve Bank of India on Friday relaxed present account guidelines for financial institution exposures lower than Rs 5 crore, permitting banks to open present account, money credit score (CC) and overdraft (OD) services with none restriction.
However, in respect of debtors the place publicity of the banking system is Rs 5 crore or extra, such borrower can preserve present accounts with any one of many banks with which it has CC or OD facility, supplied that the financial institution has at the very least 10 per cent of the publicity of the banking system to that borrower, the RBI stated in a round.
This has been determined after taking into consideration suggestions obtained from Indian Banks’ Association (IBA) and different stakeholders, the RBI round stated.
