Soon! Savings account number portability

January 03, 2012 16:47

After cell phone number portability, it's account number portability.

The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank. "We want to do it (savings a/c number portability). Right now there are some technical problems...we have identified them. We will overcome them soon," Financial Services Secretary D K Mittal said today.

He said banks would have to work on identification code, know your customers (KYC) norms and core banking solution (CBS) for implementing the savings bank account number portability. The move would help customers change banks, without the need of going through the KYC norms again.

« Back to LIVE

TOP STORIES

India men's 4x400m team fails to finish in World Relays heats

"The men's 4x400m relay team had a good start. Muhammad Anas clocked 45.93 seconds in the first leg, but the second runner -- Rajesh Ramesh -- fell down due to cramps in leg muscles at the first bend," read a statement from the Athletics...

Heavy rains, flood leave 56 dead, thousands homeless in Brazil

Governor Eduardo Leite declared a state of emergency as the region grapples with the aftermath of the catastrophic weather event.

Poonch attack: Operation to flush out terrorists enters second day

They said a well-coordinated joint operation by the army and police is underway in many areas, including Shahsitar, Gursai, Sanai and Sheendara Top, to neutralise the terrorists.

Uddhav would have remained silent if....: Raj Thackeray

Raj also justified his support to Prime Minister Narendra Modi, citing the construction of the Ram Temple and abrogation of Article 370 among other reasons.

Gujarat Titans struggling, but Gill 'adjusting well to captaincy'

Shubman Gill is having a tough initiation into Gujarat Titans captaincy, but senior batter David Miller backed him, saying the 24-year-old is increasingly "adjusting" to the role.