Bank account portability |
Reserve Bank Deputy Governor S S Mundra batted for introduction of bank account number portability saying that it “has come within the realms of possibility” with the technological advancements in the payment system. Mundra, who first advocated account portability a couple of years ago, said, “back then the concept might have appeared somewhat abstract but with technological advancements in the field of payment system such as UPI etc, coupled with massive enrolments under Aadhaar and their linkage to individual bank accounts, it has come within the realms of possibility. As such, the prospect of an aggrieved customer silently moving her account to another bank in the near future has become very real. As in the telecom sector, portability will allow a customer to transfer his account to another bank. Mundra also warned banks against using charges on maintaining minimum average balance in accounts and offering other facilities as an excuse to deny or deter a few customers from availing some services. While banks have been granted autonomy in fixing minimum average balance or charging for premier services, it should not be used as an excuse to deny or drive away services to the common man.
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