Bank Account Number Portability To be Made a Possibility Soon: RBI

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Similar to the available mobile number portability option, RBI is mulling on the decision to let you use your old bank account number even on changing the banking concern. As an attempt to it, S S Mundra, Deputy Governor of RBI in a meeting of the Banking Codes and Standards Board of India remarked that linking of Aadhaar with the account number as well as technological breakthroughs shall enable the easy portability with respect of bank account number.

Bank Account Number Portability To be Made a Possibility Soon: RBI

For banking customers the likely move shall come in as a big relief as it would do away with the necessary compliance requirements, they ought to complete when associating with a new banker. Also, the hassle associated with maintaining multiple bank account numbers could also be then avoided.

Bank account number portability to be a difficult step at Banker's end

From the standpoint of bankers, the move shall not be an easy one as the exercise to maintain the same bank account number every time the customer changes the bank will require substantial data integration and technological capabilities.Commenting on the likely move, CEO of Bankbazaar, Adhil Shetty is quoted in one of the leading business daily report saying ""Banks will have to restructure their account numbering systems. Many of them have different methods and streamlining these will take time. This will also involve changes in their software integration systems."

There can be other hurdles in the implementation of the bank account number portability including KYC procedures which is not uniform across banking entities. So, a secure mode has to be thought of in all respect such that safety of banking customers is not compromised before the portability option is fully put in place. Also, genuine customers are to be distinguished from fraudulent individuals as experts believe that individuals might change banking concerns to skip the net of Prevention of Money Laundering Act.

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Story first published: Wednesday, May 31, 2017, 12:21 [IST]
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