RBI extends deadline for account notification.

The Reserve bank of India (RBI) has mitigated this account rules for bank exposures lower than ₹5 crore. the choice was taken after the feedback from Indian Banks’ Association (IBA) and alternative stakeholders.

"It has been determined that banks could open current accounts for borrowers who have availed credit facilities within the form of money credit (CC)/ order of payment (OD) from the banking system," RBI aforementioned in an exceedingly statement.

For borrowers, wherever the exposure of the industry is a smaller amount than ₹5 large integer, there's no restriction on gap of current accounts or on provision of CC/OD facility by banks, subject to getting AN endeavor from such borrowers that they shall inform the banks, as and once the credit facilities availed by them from the banking system reaches ₹5 crore or more.