Bank account number portability is now possible: RBI Deputy Governor S S Mundra.
If you are not satisfied with your existing bank and want to switch to another bank while retaining the bank account number and other details, it is possible now, thanks to Aadhaar, according to S S Mundra, deputy governor, Reserve Bank of India (RBI) on Tuesday.
“I would like to end this section by once again reiterating the idea of ‘account number portability’ which I first advocated a couple of years ago. 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,” he said.
“As such, the prospect of an aggrieved customer silently moving her account to another bank in the near future has become very real,” Mundra added.
He was speaking at the Annual Conference of Principal Code Compliance Officers organised by the Banking Codes and Standards Board of India in Mumbai.
As and when it becomes a reality, it will be similar to mobile number portability in telecom where subscribers can switch from one operator to another without having to change the number.
Mundra also spoke about the flip side of technology in banking. “Technology is being increasingly used in delivery of banking services in recent years. However, it has also brought in associated risks of security as is evident in few high profile cyber-incidents in the recent past,” he said.
“There have been several incidents of theft of personal information, fraudulent use of ATMs, net banking frauds, ATM/ Debit card incidents or cases of unauthorised access to bank servers. Hence, there is an immediate need for plugging all the gaps and vulnerabilities in tech-enabled service delivery,” he added.
Mundra also raised the “cryptic” passbook details that leave customers clueless. “The narration in the passbooks/ bank statements at present is quite cryptic and generally inscrutable. This is despite extant RBI guidelines that mandate recoding of intelligible particulars in the statements,”he said.
“Of late, we have received numerous complaints not only from customers but also from the investigative agencies who find it extremely difficult to understand the transactions during the course of their investigations,” Mundra added.