A Fine of ₹10,000 for Opening More Than One Account! RBI Issues Strict Directives—What Do the New Rules State?

Sanchita Chatterjee, BS News Agency: How many bank accounts are you legally permitted to hold? The RBI has issued clear directives on this matter! Get the real facts here... Holding more than one bank account could now incur a hefty fine! Such is reportedly the nature of the upcoming regulation. The Reserve Bank of India is reportedly poised to issue a strict notice regarding this. It has come to light that individuals maintaining multiple accounts under a single name may now be subject to penalties. Is the Reserve Bank of India truly planning to implement such a rule?

The actual situation is this: if an individual holds multiple bank accounts and any fraudulent transactions are detected within them, they may face substantial fines. The RBI is introducing this regulation specifically to curb bank fraud and financial deception. Reports indicate that if such irregularities are identified in an individual's accounts, a fine of up to ₹10,000 may be imposed. According to the new guidelines, individuals maintaining multiple accounts must ensure that detailed records of all transactions are meticulously maintained; no fraudulent transactions are permitted. However, the Reserve Bank has clarified that individuals whose transactions are entirely legitimate and transparent will face no difficulties. They may continue to hold more than one account without any issues.