RBI extends deadline for implementation of current account norms: Here’s how new rules will benefit businesses

The deadline related to the implementation has been extended so that customers don't face any problems as banks comply with new rules.

New Delhi: The Reserve Bank of India (RBI) on Wednesday (August 4) announced an extension of the deadline for banks to implement circulars on new rules regarding the opening of current accounts. According to the new RBI notification, banks will have to comply with the new rules related to the opening of current accounts by October 31, 2021. The circulars were introduced by the RBI in a circular last year.  Previously, the RBI had set a deadline of July 31, 2021, for the implementation of the rules. The deadline has been extended so that customers don't face any problems as banks comply with new rules.  The RBI said in a statement that the instructions were issued in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders.