Bank Account Portabality soon?

Mumbai Aug 1: A good news for Bank Customers.
RBI has urged all the banks to ensure that Bank Account Portability is a reality. Officials have said that this move would help the customers.

Under the BAP the account holder of one bank can change his account to another bank without changing the account number similar to MNP.Currently, many users change their mobile network by sending SMS without changing the mobile number under MNP.

Deputy governor of the Reserve bank of India, SS Mundra has said that "this will be a far- reaching step towards enhancing competition and improving customer service”. He had also said that linking accounts to Aadhaar will make it easier for banks to ensure that Account Number Portability a reality.

Currently, this switch over facility is already available to customers in countries such as USA, Australia, and European countries.Let's hope that banks implement the new decision quickly so that customers are benefitted.