Similar to mobile number portability, the government is now working towards allowing a savings bank accountholder to retain his account number while switching over to another bank.
“We want to do this savings account number portability,” said DK Mittal, secretary, financial services. “Though at present there are some technical problems, we have identified them and will overcome.”
Mittal said banks would have to work on identification code, know your customers (KYC) norms and core banking solution for implementing the savings bank account portability.
“This is possible through technology, as banks are now on core banking solution platform and keeping customers’ preferences on priority, this initiative will benefit customers at large,” chairman and MD, Indian Overseas Bank, M Narendra told Hindustan Times.