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.
Mr. D.K Mittal, Financial Services Secretary, “We want to do savings account number portability) Right now there are some technical problems, we have identified them. We will overcome them soon”.
KYC norms
Mr. D.K Mittal remarks came after a meeting in the Finance Ministry attended, among others, by Finance Secretary, Mr. R.S.Gujral, Economic Affairs Secretary, Mr. R Gopalan, and Chief Economic Advisor in the Finance Ministry, Dr. Kaushik Basu.
Introduction of savings account number portability is also expected to help customers change their banks without having to go through know your customer (KYC) norms again.
The Central Government has already allowed portability of cell phone numbers and health insurance policies.
Mr. D.K Mittal, Financial Services Secretary, “We want to do savings account number portability) Right now there are some technical problems, we have identified them. We will overcome them soon”.
KYC norms
Mr. D.K Mittal remarks came after a meeting in the Finance Ministry attended, among others, by Finance Secretary, Mr. R.S.Gujral, Economic Affairs Secretary, Mr. R Gopalan, and Chief Economic Advisor in the Finance Ministry, Dr. Kaushik Basu.
Introduction of savings account number portability is also expected to help customers change their banks without having to go through know your customer (KYC) norms again.
The Central Government has already allowed portability of cell phone numbers and health insurance policies.
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