RBI issues master direction of deposits, accounts
MUMBAI, Apr 17 (PTI): The RBI on Thursday said banks can open/close rupee accounts (non-interest bearing) in the name of their overseas branches or correspondents without prior reference to the central bank.
However, the opening of rupee accounts in the name of branches of Pakistani banks operating outside Pakistan requires specific approval of the Reserve Bank, said the Master Direction – Deposits and Accounts issued by the apex bank.
It further said credit to the account of a non-resident bank is a permitted method of payment to non-residents and is, therefore, subject to the regulations applicable to transfers in foreign currency.
