Account no. Portability
From linking Aadhaar numbers to bank accounts to the increase in digital payments, the days are not far when people can port their account numbers too. Reserve Bank of India's (RBI) deputy governor SS Mundra on Tuesday batted for the need of account number portability and said that "the prospect of an aggrieved customer moving his/her account to another bank in the near future is very real." He also spoke about the security issues involved in the electronic banking as the use of technology is being increasing over the recent years.
At an event organised by the Banking Codes and Standards Board of India (BCSBI) in Mumbai, Mr Mundra said, "I first advocated the idea of 'account number portability' 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."
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