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…
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