IBAN Structure in India
RBI has proposed to use IBAN for standardization of banking account numbers in India. Please read our post on IBAN in India. RBI Committee examined the technical aspect of IBAN and debated the following four types of IBAN for India, along with the advantages and disadvantages of each type. Longest IBAN Shortest IBAN Aadhaar Based IBAN Pattern Based IBAN After detailed deliberation, RBI committee has found "Longest IBAN" as most suitable for Indian banks and their customers. You can read…
IBAN for standardized banking account numbers
RBI is targeting to standardize the banking account numbering in India. As of now, each bank devise its own account numbering structure varying in length, pattern and composition. This has led to a situation where even basic validations on account numbers is not possible and this leads to incidences of credit going to wrong beneficiary, especially in an STP (straight-through-processing) environment handling huge volumes of transactions. One of the options to achieve standardization in account numbers is implementation of IBAN…