Bank Account Portability

In a far-reaching step towards enhancing competition and improving customer service RBI has asked banks to work towards account number portability.

As it is published in news sources speaking at the annual conference of banking ombudsmen recently, RBI Deputy Governer SS Mundra said that banks should look forward to providing more choices to the new generation of customers who are more technology savvy.

So, time is no far wherein customers would be able to silently walk out from one institution to another, in case of any dissatisfaction with services.

Mundra also referred about the rising trend of loss of cheques from drop boxes & the lack of alacrity shown by banks in redressing such complaints. And he suggested for the customers immediate compensation.