Changing bank will soon become easy, RBI is planning big

Delhi: Changing bank may soon be as easy as porting a mobile number. The Reserve Bank of India (RBI) is working on a new system in which customers will be able to change their bank without changing the account number. This step is believed to bring a big change in the banking system and will provide a lot of relief to the common people.

Reserve Bank of India (RBI) is working on such a modern system under its ‘Payments Vision 2028’, in which the customer’s bank will change, but his account number will remain the same. The main objective of this scheme is to give complete freedom to the customers in the choice of banking services and to increase competition among banks to provide better services.

What is the problem now?
Currently if a customer changes his bank, he gets a new account number. After this begins a long process of paperwork. The customer has to update his new bank details everywhere for salary, home loan installment, mutual fund (SIP), insurance premium, gas subsidy and electricity-water bill payment. Many times payment fails due to information not being updated, due to which customers have to face mental and financial problems.

How will this new system work?
In this new scheme of RBI, your existing bank account number will work as a permanent identification number. When you port your bank, the new bank will link your same old account number to its system. For this, the Reserve Bank is creating a central platform. All your auto-payment instructions, investment planning and bill payment information will be safe on this platform. As soon as you change banks, all these instructions will be automatically transferred to your new bank account.

Customers will benefit greatly
After the implementation of this system, the arbitrariness of banks will end. If a bank does not provide good service to the customers or levies unnecessary charges, the customers will be able to switch to another better bank without any headache. This will bring transparency in the banking sector of the country and will further strengthen digital transactions.