Portable Bank Account: A major change may soon be seen in the banking system in India. Now your bank account number is also going to be portable like mobile SIM and universal like Aadhaar number. Yes… Reserve Bank of India i.e. RBI is working on a plan through which customers will be able to change their bank without changing the account number. This will be called portable bank account. This proposal is being prepared under Payments Vision 2028. After its implementation, customers troubled by poor service or high charges of the bank will get a lot of relief.
Nowadays, if a person changes bank, he has to get a new account number and update it everywhere. In the new system, your account number will act as a universal identity. This would mean that you can change banks, but your number will remain the same. The new bank will activate the same number in its system. With this, changing bank will be as easy as porting a mobile number.
In this new system, your bank account number will become a kind of universal identity. That means you will be able to go to any other bank, but your account number will remain the same. The new bank will activate the same number in its system. With this, it will become very easy to change the bank, just like it is necessary to port a mobile number today.
The biggest relief is that changing banks will not affect your important payments. Bills like EMI, SIP and electricity-water will be automatically linked to the new bank. You will not need to go to different places to provide information and no payment will be stopped. To make this entire process easier, RBI is preparing a special system, which is being called Payments Switching Service (PaSS). In this system, all your auto payments will be saved at one place and as soon as you change the bank, they will automatically be linked to the new bank.
What is Payments Switching Service (PaSS) system?
With the help of this system all the banks will be connected to each other. Services like auto-debits and mandates (EMI withdrawals) will be part of this system. Meaning, whenever you switch banks, all these services will start automatically in the new bank. This means that you will not have to do anything on your own. However, the remaining details to Payments Vision 2028 are yet to be revealed, such as how often and in how many days portability can happen. Whatever be the case, with its arrival banks will definitely have to improve their attitude towards customers.
