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RBI proposes bank account portability

Wed, May 31, 2017, 01:08 PM
Reserve Bank of India (RBI) has come out with a proposal for bank account portability for the convenience of customers as well as banks. Just as in mobile number portability, the customer will have one account number, which is linked to Aadhar and will be the same in any bank. This is being considered as the biggest move by RBI after demonetisation. The process of consolidation of various accounts of a single customer becomes easy, with account portability. RBI is to issue a notification, to be followed by banks.
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