RBI not in favour of Saving Account portability
The finance ministry’s ambitious plan to implement portability in savings accounts has not found favour with the Reserve Bank of India (RBI).
The central bank has told the ministry there is no advantage to customers nor to banks from such a plan. “Savings bank accounts cannot be equated with a mobile number,” said a source in RBI. Adding: “The view has already been communicated to the government”.
Savings bank account number portability would allow a customer to switch to another bank while keeping the existing account number. Last year, the government had allowed mobile number portability.
Source : https://www.business-standard.com/india/news/savings-account-not-mobile-number-rbi/462557/
