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Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push.
With increase in Aadhaar enrollment and technology advancements, banks and stakeholders must start thinking and prepare for bank account number portability to be made into reality, said the Reserve Bank of India on Tuesday.
Bank account number portability allows a banking customer to retain an account number even if she or he switches to another bank. A similar facility in the telecom sector — Mobile Number Portability — lets subscribers change telecom operators without losing the mobile number in use.
Bank account number portability can be reality soon: RBI
With increase in Aadhaar enrollment and technology advancements, banks and stakeholders must start thinking and prepare for bank account number portability to be made into reality, said the Reserve Bank of India on Tuesday.
Bank account number portability allows a banking customer to retain an account number even if she or he switches to another bank. A similar facility in the telecom sector — Mobile Number Portability — lets subscribers change telecom operators without losing the mobile number in use.
Bank account number portability can be reality soon: RBI
