As many banks are having many doubts related to the guidelines related to the implementation of the existing system of current accounts. The government will release a document which will be answering all the questions of banks. The government has also ordered banks to make the required changes need to be made in the existing current accounts by November 15.
To help banks to follow the new guidelines RBI extended the deadline of making the changes by November 15. The use of a current account is mainly for business activities.
The Government will be releasing an FAQ (Frequently asked questions). To help banks to follow better practises for discipline. RBI proposed changes in the Current Account in August. It will bring discipline in the private as well as foreign banks. As all the new guidelines will be remaining unchanged which were in a circular on August 6. This was announced by RBI on Monday.
RBI said that for the existing current account, cash credit accounts and overdraft accounts will be given the changes which were mentioned in the circular within three months. The Apex bank said that is RBI said that they also received lots of clarifications regarding maintenance of the current accounts, the existing current accounts, on the issues which are coming while doing operations, the accounts which are already opened by the banks.
As many issues were coming up so the RBI decided to extend the deadline for making the changes.
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