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RBI has reviewed the instruction for opening of current a/c by banks. RBI says that no bank shall open the current a/c for customers who have availed the credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD a/c. Further, it said that debits to the CC/OD a/c can only be for credit to the CC/OD a/c of that borrower with a bank that has 10 % or more of the exposure of banking system to that borrower.RBI has reviewed the instruction for opening of current a/c by banks. RBI says that no bank shall open the current a/c for customers who have availed the credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD a/c. Further, it said that debits to the CC/OD a/c can only be for credit to the CC/OD a/c of that borrower with a bank that has 10 % or more of the exposure of banking system to that borrower.taxmann.com Latest Statutory HappeningsRead More