RBI insists on bank number portability
Posted on: 31/May/2017 2:39:22 PM
Allow bank customers to easily switch between banks without the need for changing account numbers, pleas S.S. Mundra, the deputy governor of Reserve Bank of India.
He furthermore added that the central bank shall come up with the final set of instructions for customer protection so as to limit their liability at times of fraudulence in banking transactions.
With the technical innovation and linking of accounts with Aadhar Id numbers, now it has got way too easier to make account number portability. The Unique Identification Authority of India has made it possible, said the deputy governor while gracing an event organized by the Banking Codes and Standards Board of India. He furthermore pointed and alerted banks about exorbitant charges quoted on different services.
As there are enormous technological advancements in payment systems like UPI together with the tremendous enrollments under Aadhar, linking individual bank accounts have thus become a realm of possibility, says Mundra. With this, migrating accounts from one to the other bank is now made possible for the aggrieved customers, urged Mundra at the Indian Banks Association, insisting speedy kick-starting of the method.
