Personal Finance

Soon You Can Port Your Bank Account Just like Mobile Number

Soon You Can Port Your Bank Account Just like Mobile Number

Deputy Governor of Reserve Bank of India, Mr. S.S. Mundra proposed a new scheme that can soon be initiated. Here, account holders can change their bank without changing their bank account numbers which is similar to that of portable mobile number.

What is the New Proposed Scheme all about?

The deputy Governor of RBI advocated through the various platforms of National Payment Corporation of India (NPCI) to port account numbers. This is similar to that of porting mobile numbers where the customer can change the service provider while retaining the phone number. The Deputy Governor cited the request of many consumers while endorsing this new idea of porting account numbers.

If you have a bank account and you are not satisfied with its service then you can apply to another bank for opening your new account. The next step will be to port your previous account number with the new bank. This scheme will cost you no money and there are two important aspects of this scheme that you need to care while porting your account number.

The first thing you need is an identification card which can be your Aadhar Card and the second is a central payment system.

Advantages of Bank Account Portability Scheme:

This will prove out to be a hard lesson for banks to learn as the loyalty of customers will depend on their service and not just on the helplessness of the customer. Many banks including some top private banks and most central banks have shown a very cruel attitude for their customers. This is still continuing in many top banks that are affiliated to the government while the private banks often mix words and play with the innocent customers.

Another advantage is that there are many banks that don’t have branches in every city of the country. There are many regional banks where people of rural areas have opened their account but it becomes hard for them to locate these banks when they change the place. For them this step will be highly beneficial.

The RBI governor has just proposed this scheme but only time will tell that when it will come into play as major banks may object from initializing this step on the ground.

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