{"id":240715,"date":"2020-12-15T18:30:55","date_gmt":"2020-12-15T13:00:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=240715"},"modified":"2020-12-15T16:40:31","modified_gmt":"2020-12-15T11:10:31","slug":"rbi-permits-banks-to-open-specific-accounts-without-any-restrictions","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/15\/rbi-permits-banks-to-open-specific-accounts-without-any-restrictions\/","title":{"rendered":"RBI permits banks to open specific accounts without any restrictions"},"content":{"rendered":"

Opening of Current Accounts by Banks<\/span><\/h3>\n

On a review, it has been decided to permit banks to open specific accounts which are stipulated under various statutes and instructions of other regulators\/ regulatory departments, without any restrictions placed in terms of the circular dated August 6, 2020<\/a>. An indicative list of such accounts is as given below:<\/p>\n

    \n
  1. Accounts for real estate projects mandated under Section 4 (2) l (D) of the Real Estate (Regulation and Development) Act, 2016 for the purpose of maintaining 70% of advance payments collected from the home buyers.<\/li>\n
  2. Nodal or escrow accounts of payment aggregators\/prepaid payment instrument issuers for specific activities as permitted by Department of Payments and Settlement Systems (DPSS), Reserve Bank of India under Payment and Settlement Systems Act, 2007.<\/li>\n
  3. Accounts for settlement of dues related to debit card\/ATM card\/credit card issuers\/acquirers.<\/li>\n
  4. Accounts permitted under FEMA, 1999.<\/li>\n
  5. Accounts for the purpose of IPO \/ NFO \/FPO\/ share buyback \/dividend payment\/issuance of commercial papers\/allotment of debentures\/gratuity, etc. which are mandated by respective statutes or regulators and are meant for specific\/limited transactions only.<\/li>\n
  6. Accounts for payment of taxes, duties, statutory dues, etc. opened with banks authorized to collect the same, for borrowers of such banks which are not authorized to collect such taxes, duties, statutory dues, etc.<\/li>\n
  7. Accounts of White Label ATM Operators and their agents for sourcing of currency.<\/li>\n<\/ol>\n

    2. The above permission is subject to the condition that the banks shall ensure that these accounts are used for permitted\/specified transactions only. Further, banks shall flag these accounts in the CBS for easy monitoring. Lenders to such borrowers may also enter into agreements\/arrangements with the borrowers for monitoring of cash flows\/periodic transfer of funds (if permissible) in these current accounts.<\/p>\n

    3. Banks shall monitor all current accounts and CC\/ODs regularly, at least on a half-yearly basis, specifically with respect to the exposure of the banking system to the borrower, to ensure compliance with instructions contained in a circular dated August 6, 2020<\/a>\u00a0ibid.<\/p>\n

    Please read the notification here:<\/strong> NOTIFICATION<\/a><\/p>\n

    \n

    Reserve Bank of India<\/strong><\/p>\n

    [Notifications dt. 14-2-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Opening of Current Accounts by Banks On a review, it has been decided to permit banks to open specific accounts which are <\/p>\n","protected":false},"author":8808,"featured_media":108541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[11711,44488,33491,2611,43642],"class_list":["post-240715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-bank-accounts","tag-current-accounts","tag-fema","tag-RBI","tag-taxes"],"yoast_head":"\nRBI permits banks to open specific accounts without any restrictions | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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In particular, the IAC recommended for IBC reference all accounts with fund and non-fund based outstanding amount greater than Rs.\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":312606,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/01\/31\/rbi-imposes-additional-curbs-on-paytm-payments-bank-legal-news\/","url_meta":{"origin":240715,"position":1},"title":"No acceptance of deposits and other banking services after 29 February; RBI imposes additional curbs on Paytm Payments Bank","author":"Editor","date":"January 31, 2024","format":false,"excerpt":"The restrictions came after persistent non-compliances and continued material supervisory concerns in Paytm Payments Bank Ltd.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI imposes curbs on Paytm Payments Bank","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/01\/RBI-imposes-curbs-on-Paytm-Payments-Bank.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/01\/RBI-imposes-curbs-on-Paytm-Payments-Bank.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/01\/RBI-imposes-curbs-on-Paytm-Payments-Bank.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/01\/RBI-imposes-curbs-on-Paytm-Payments-Bank.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":164814,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/10\/23\/rbi-clarifies-linking-aadhaar-bank-accounts-mandatory\/","url_meta":{"origin":240715,"position":2},"title":"RBI clarifies that linking Aadhaar to bank accounts is mandatory","author":"Saba","date":"October 23, 2017","format":false,"excerpt":"Press Release Some news items have appeared in a section of the media\u00a0quoting a reply to a Right to Information Act application that Aadhaar number linkage with bank accounts is not mandatory. The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":365210,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/30\/rbi-nomination-directions-2025\/","url_meta":{"origin":240715,"position":3},"title":"Understanding RBI Nomination Directions: What Changes from November 1, 2025","author":"Shubhi","date":"October 30, 2025","format":false,"excerpt":"RBI introduces Nomination Directions 2025 to simplify claim settlement in deposit accounts, lockers, and safe custody across all banks, effective from November 1, 2025.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI Nomination","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/RBI-Nomination.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/RBI-Nomination.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/RBI-Nomination.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/RBI-Nomination.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":368916,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/05\/rbi-amendment-directions-to-basic-savings-bank-deposit-accounts\/","url_meta":{"origin":240715,"position":4},"title":"RBI Issues 7 Amendment Directions to Enhance Basic Savings Bank Deposit Accounts – December 2025","author":"Kriti","date":"December 5, 2025","format":false,"excerpt":"On 4-12-2025, the Reserve Bank of India issued 7 amendment directions to improve Basic Savings Bank Deposit accounts. These changes aim to enhance customer service, promote financial inclusion, and align banking services with digitalization.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Basic Savings Bank Deposit account guidelines","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Basic-Savings-Bank-Deposit-account-guidelines.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":381940,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/04\/22\/rbi-issues-guidelines-to-facilitate-faster-cross-border-inward-payments\/","url_meta":{"origin":240715,"position":5},"title":"RBI Guidelines on Faster Processing of Cross-Border Inward Payments","author":"Shubhi","date":"April 22, 2026","format":false,"excerpt":"RBI has issued guidelines to ensure faster credit and improved processing of cross-border inward payments by requiring prompt customer intimation, frequent reconciliation, and quicker credit to beneficiary accounts.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"guidelines to facilitate faster cross-border inward payments","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/guidelines-to-facilitate-faster-cross-border-inward-payments.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/guidelines-to-facilitate-faster-cross-border-inward-payments.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/guidelines-to-facilitate-faster-cross-border-inward-payments.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/guidelines-to-facilitate-faster-cross-border-inward-payments.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/240715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=240715"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/240715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/108541"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=240715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=240715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=240715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}