RBI makes bank accounts easier to manage
The Reserve Bank of India (RBI) just rolled out new rules to make handling cash credit, current, and overdraft accounts simpler for both banks and their customers.
The goal? More flexibility and less hassle when it comes to moving money or getting working capital—based on feedback received on earlier drafts.
What's changing?
Banks can now open cash credit accounts based on what customers actually need, no extra hoops.
If you're a borrower with less than ₹10 crore in total loans, you can keep current and overdraft accounts without limits.
For bigger loans (over ₹10 crore), the bank with the most exposure—or the top two if needed—gets to manage these accounts.
Plus, any money collected has to be moved into your main account within two working days, and banks will check these transaction accounts twice a year to make sure everything's above board.
Why should you care?
If you run a business or plan to someday, these changes could mean smoother banking and fewer roadblocks when managing your money.