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Foreign banks term RBI's new norms on current account as restrictive; seek intervention from Fin Min

Updated : October 07, 2020 21:57:29 IST

Foreign banks have taken up the issue of RBI circular on current accounts with the finance ministry and foreign embassies. In fact, they have also written to the RBI governor on the issue.

The central bank had released new current account rules on August 6 which state that only banks with at least 10 percent of exposure can open current accounts for corporates whose debt exceeds Rs 50 crore. Ritu Singh highlights the concerns and the possible way forward.
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