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Portability in Saving Bank Accounts

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Press Information Bureau
Government of India
Ministry of Finance

30-March-2012 18:22 IST

Portability in Saving Bank Accounts

Damodaran Committee was set up by Reserve Bank of India (RBI) on May 26, 2010 to look into banking services rendered to retail and small customers. The Committee submitted its report to RBI on July 04, 2011. The Committee has recommended that customer should be allowed to maintain the same account number in a bank even when he/she moves to another city or shifts his account to another branch in the same city. RBI has taken action on the recommendations submitted by the Damodaran Committee and in October, 2011 advised Indian Banks’ Association (IBA) for implementation of the above recommendation.

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