RBI Planning to Launch Bank Account Number Portability in India

RBI Bank account number portability

Reserve Bank of India (RBI) announced their plan of Bank account number portability and we will soon have this option that will be announced by the Apex bank itself. Bank account portability (BANP) means that you can change your bank without having to change your account number with the provision of ‘Account Number Portability’.

Its similar to getting a change in the network of a phone, without changing the possessing number. Deputy Governor, SS Mundra has asked the banks to work towards the above said concept as it would act as an enabling factor to enhance the customer service.

“A scenario was thus emerging wherein customers would be able to silently walk out from one institution to another, in case of any dissatisfaction with the services,” RBI said in a release today, while quoting Mundra.

Mr. Mundra informed that the above said scenario would become prominent with the introduction of ‘bank account portability‘.

He urged the banks to work towards account number portability, whereby, it would also assist the banks to be more serious on customer service.

The Deputy Governor also indicated towards the issue of rising trend in terms of loss of cheques from drop boxes and the lack of readiness shown by banks in redressing such complaints.

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In all such cases he suggested “the customers have to be compensated immediately”.

According to reports, 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.

It is also seen that this facility is already available to customers in places like the USA, Australia and European countries.

It has been quite a challenging aspect this year, from the time the withdrawal of cash from ATM were made limited to the time it was then given leverage.

Nonetheless, the account portability concept will for sure cool the heat and bring about a better understanding within the public, who is eventually going to get benefited with this.