Reserve Bank of India has asked the banks to use credit information available with CRILC (Central Repository of Information on Large Credits) to open current accounts. This statement is passed with a vision to improve credit discipline.




Banks are suggested to verify customer data with the information available with CRILC and provide the instant credit facilities to the customers. "Banks should verify from the data available in CRILC database whether the customer is availing of credit facility from another bank. Further banks may also seek No Objection Certificate from the drawee bank where the initial deposit to the current account is made by way of a cheque," it said.

The Reserve Bank has received complaints against banks for the delay in opening a current account. CRILC has been set up by RBI to collect, store and circulate data on all borrowers' credit exposures.