https://www.taxtmi.com/news?id=3063 Portability of savings bank account numbers is recommended to allow customers to retain the same account number when shifting branches or cities. The Damodaran Committee proposed account number continuity and RBI advised banks to implement it. However, the Prevention of Money Laundering Act and rules require the bank establishing the customer relationship to retain identity and transaction records for ten years after cessation, which precludes interbank account portability under the current statutory record keeping regime. en-us Fri, 30 Mar 2012 18:11:55 +0530 Fri, 30 Mar 2012 18:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=3063 Portability of savings bank account numbers is recommended to allow customers to retain the same account number when shifting branches or cities. The Damodaran Committee proposed account number continuity and RBI advised banks to implement it. However, the Prevention of Money Laundering Act and rules require the bank establishing the customer relationship to retain identity and transaction records for ten years after cessation, which precludes interbank account portability under the current statutory record keeping regime. News - Fri, 30 Mar 2012 18:11:55 +0530 https://www.taxtmi.com/news?id=3063