Portability of Savings Bank Account Number to Be a Reality Soon

In today’s scenario, the advancement in technology is contributing a lot in making lives of the people more easy and flexible especially in regard to bank transactions. Long and tedious bank activities have become simple and quick with the advent of mobile and internet banking. And now, after the introduction of mobile number and health insurance policies portability, the government is planning to step forward and make the savings bank account number portability a reality.

This is an attempt to provide best possible services to the customers in switching their bank accounts from one bank to other bank with the same account number. According to the Finance Minister, government is working on the portability of the savings bank accounts. But there are some technical problems which are identified and the government is taking necessary measures to overcome them soon.

Banks will now have to work over the core banking solutions, identification code and Know Your Customer (KYC) norms for implementing the savings bank account number portability. This perspective norm would certainly allow banks to offer competitive rates and even some banks have planned to show their response in terms of passing hikes in their savings rates.

Moreover, there will be need for a central agency to be introduced that will maintain all our KYC documents, in order not to comply with submissions with different banks repeatedly.