RBI issues consolidated circular on opening and operation of current accounts and CC/OD accounts by banks

RBI today (19.04.2022) issued a consolidated circular for opening and operation of current accounts and CC/OD accounts by banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. Banks may compute the aggregate exposure of the prospective customers based on the information collected from…

How to transfer funds abroad from sale of property or from your Rupee account (NRO a/c) in India?

(Look here for repatriation of money abroad from Sale of property purchased from funds remitted from overseas OR NRE/ FCNR accounts, Sale of property purchased from Rupee Source (while resident in India), Sale of property acquired through inheritance etc and permissible sources of funds for an online/offline transfer abroad from an NRO Account .) An…

Bank policies for payment of Interest on overdue deposits and unclaimed balance accounts

Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…

RBI amends Master Direction on KYC norms

RBI on Tuesday amended the MD on KYC to further leverage the Video-based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updating of KYC. Banks and other regulated entities have to undertake Customer Due Diligence (CDD) while dealing with the customers as per the process laid out in Master Direction…