RBI has taken a step further to make the life of bank customers easier and comfortable. Reserve Bank of India has announced that now bank customers need not change their account numbers if they want to switch over to another bank.
Bank account number portability is similar to the mobile number portability in the telecom sector, where clients can move starting with one administrator then onto the next without changing their portable numbers. Presently, in the keeping money part additionally, a client can undoubtedly change to another manage an account with a similar record number without losing any exchange points of interest, if the client is not happy with the current bank.
On Tuesday, Reserve Bank of India stated, “With increment in Aadhaar enrolment and innovation headways, banks and partners must begin considering and plan for ledger number versatility to be made into reality”
Aadhaar (extraordinary recognizable proof of client) and NPCI (as focal installment framework) are the two imperative keys for making the saving money account number convenientce conceivable.
If the bank account is linked to Aadhaar, Aadhaar payment bridge system (APBS) can make it possible to identify one specific bank account as it can route transactions to an individual on the basis of their Aadhaar number. If this idea succeeds, India will be the first country which will adopt this system.