Allow intra-account portability: RBI to banks


Apr 28,  8:39 AM AIR

The Reserve Bank of India (RBI) has asked banks to allow intra-bank account portability in cases where full ‘Know your Customer’ (KYC) details of the concerned account have been ascertained.

The facility would enable the customers to shift their account to any of the desired branch any number of times, without change in the account number.

RBI, in a notification on Friday, said banks were advised that KYC, once allotted by a branch of a bank, should be valid for transfer of the account within the bank.