11. Banking Companies, Financial Institutions and intermediaries to maintain records –
(1) Every banking company or financial institution and Intermediary shall-
(a) Maintain a record of all transactions, the nature and value of which may be prescribed, whether such transactions comprise of a single transaction or a series of transactions integrally connected to each other, and where such series of transactions take place within a month;
(b) Furnish information of transactions referred to in clause (a) to the Director within such time as may be prescribed;
(c) Verify and maintain the records of the identity of all its clients, in such a manner as may be prescribed.
(2) The records referred to in sub-section (1) shall be maintained for a period of five years from the date of cessation of the transactions between the clients and the banking company or financial institution or intermediary, as the case may be.