After number portability on mobile phones, now government of India has plans to introduce account number portability for bank customers. With this customer of one bank will be allowed to switch between banks without changing his/her account number.
With the introduction of this service, bank customers can switch banks without changing their account number. Finance ministry and RBI is in discussion with banks and financial institutions to assess the feasibility of this service.
This service will be very useful for migrant workers, as this will allow them to shift their banks simply by writing an application to his home branch. Customers will also be able to take the advantage of ‘Deregulation of interest rates’ easily by switching banks easily with minimum paper work.
Few countries are already providing this service to their residents like Sweden, UK, Australia, Hungary and south Africa.