Like mobile number, now bank account will also be port, new preparation of RBI, know what is the new rule

Bank Switching Service India: Opening a new bank account after changing job or shifting to another city is a very headache-filled task. To end this hassle, RBI is working on a new scheme ‘Payments Vision 2028’. After its arrival, you will be able to port your bank account just like your mobile number. This means that you will be able to change the bank as per your convenience but your account number will remain the same, due to which there will be no need to update old banking details.

Why is change necessary?

At present, changing the bank is a very difficult task because as soon as you get the new account number, you have to update it everywhere like salary, investments, bill payment and government papers. Due to this problem, people are not able to leave the old bank despite facing poor service or high fees. This new scheme of RBI is being brought to overcome this problem so that changing the bank can be easy.

How will the account port system work?

Now your bank account number will become your permanent identity, which will not be limited to any particular bank. Whenever you change your bank, the new bank will activate the old account number in its system. In simple words, changing bank will now be as easy as porting a SIM card and you will not have to worry about changing your number again and again.

What will be the change on EMI-SIP and bill payment?

This question must be in your mind whether changing the bank will cause any problem in EMI, SIP or bill payments. For this, RBI is preparing a special ‘centralized system’. This system will automatically transfer all your auto-debit and payment mandates to the new bank. This will not stop any of your work and you will not need to visit the bank again and again.

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PaaS system will make transition easier

To make this new facility a reality, RBI is creating a special digital platform named ‘Payments Switching Service (PaSS)’. This platform will keep all your payment details safe at one place. As soon as you change banks, all this information will automatically reach your new bank. The benefit of this will be that both the money coming into your account and the expenses incurred will continue without any interruption.