RBI moves to tighten current account operating norms to check fund diversion
MUMBAI: In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.
Current accounts, according to a draft circular shared by the regulator with the banking industry, can “only be opened” with the lead bank in a lending consortium while other banks having collection accounts will have to transfer funds at the end of the day to the current account with the consortium leader. Read more at:
//economictimes.indiatimes.com/articleshow/69088982.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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