Current Accounts :

– Banks while opening current account must obtain a declaration to the effect that the account holder is not enjoying any credit facilities with any other bank. Banks must scrupulously ensure that their branches do not open current accounts of entities which enjoy credit facilities (fund based or non- fund based) from the banking system without specifically obtaining a No-Objection Certificate from the lending bank(s).

– Bank may open account of prospective customer in case no response is received from its existing bankers upon waiting for a fortnight. The situation may be reviewed with reference to the information provided by the prospective customer as well as taking needed due diligence on the customer.

– For corporate entities enjoying credit facilities from more than one bank, the banks should exercise due diligence and inform the consortium leader, if under consortium, and the concerned banks, if under multiple banking arrangement.