Account Number Portability: Switch banks without changing account number
This will come as a relief for unhappy customers stuck with bank accounts they do not want to keep.
Mumbai: Wish changing banks was easier and without the hassle of opening another account? Very soon you will be able to change your bank without having to change your account number with the provision of Account Number Portability.
According to a report in the Economic Times, a top Reserve Bank official on Monday directed banks to offer this service to customers so that they can change banks, while retaining their account number.
Deputy governor of the central bank, SS Mundra said, "This will be a far-reaching step towards enhancing competition and improving customer service”. He had earlier welcomed this idea and said linking accounts to Aadhaar can make it easier for Account Number Portability to happen.
This will come as a relief for unhappy customers stuck with bank accounts they do not want to keep. It will also save the hassle of juggling multiple bank accounts.
This provision is similar to the telecom industry's policy of allowing customers to switch network providers without changing their mobile numbers.
This facility is already available to customers in places like the USA, Australia and European countries.