Soon after the launch of portability of mobile numbers and health insurance policies, the Finance Ministry is working on saving banks account number portability, which will allow a customer to hold his account number while changing his bank.
Talking to Mediapersons on savings account number portability, Financial Services Secretary D K Mittal said, “We want to do it. Right now there are some technical problems. We will overcome them soon.”
He said banks would have to work on identification code, know your customers (KYC) norms and core banking solution for implementing the savings bank account number portability. The move would help customers change banks, without the need of going through the KYC norms again.