RBI extends deadline for banks’ compliance with new guidelines for existing current a/cs

MUMBAI: The Reserve Bank of India on Monday extended the deadline for banks to comply with new guidelines with respect to existing current accounts.
Current accounts are widely used by businesses for their daily activities.
A Frequently Asked Questions (FAQ) document will be issued to address all the issues raised by banks regarding implementation of the guidelines for existing current account. The banks will have time till December 15 to ensure compliance in this regard, according to the RBI.
In August, the RBI proposed changes to the current account operations in order to discipline banks to follow better practices, following recent learnings. However, the banks — especially the private sector and foreign ones — have voiced concerns. (AGENCIES)