The Reserve Bank of India (RBI) on Monday permitted some accounts to be excluded from the ambit of its circular in August in which the regulator had specified certain rules for opening current accounts with banks.

As per clarification provided by the RBI on 14 December, the following regulations are implemented:  

All the scheduled commercial banks and payments banks will be excluded from the RBI's August 6 circular.

Accounts for real estate projects, mandated under the Real Estate Regulation and Development Act, 2016, are exempted from the 6 August circular in order to be able to maintain 70% of advance payments collected from homebuyers.

Accounts for settlement of dues related to the debit card, ATM card and credit card issuers/acquirers will not be included. The exempted categories also include accounts permitted under FEMA, 1999, and accounts for the purpose of IPOs, new fund offers (NFOs), FPOs, share buybacks, dividend payments, issuance of commercial papers and allotment of debentures or gratuity, mandated by respective statutes or regulators are also exempted from the circular, subject to specific or limited transactions only.

Nodal or escrow accounts of payment aggregators or prepaid payment instrument issuers for specific activities permitted by the Department of Payments and Settlement Systems will not be included.

Accounts of White Label ATM Operators and their agents for sourcing of currency have been exempted.  Accounts for payment of taxes, duties and statutory dues opened with banks authorized to collect the same, for borrowers of such banks not authorized to collect such taxes or dues will also not count towards the exposure limit.

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