RBI Brings ‘Bank Account Portability’ for Easy Bank Switching

In a major move to improve customer convenience, the Reserve Bank of India (RBI) has introduced ‘Bank Account Portability,’ allowing people to switch banks without changing their account number.

At present, changing banks is a time-consuming process that involves closing the old account, opening a new one, and updating details for salary, EMIs, and other payments. With this new facility, customers can avoid all that hassle and continue using the same account number.

This will be especially useful for those unhappy with their bank’s service, charges, or looking for better benefits elsewhere. The move is also expected to increase competition among banks and improve overall service quality.

Overall, this initiative is a big step towards making banking simpler, more flexible, and customer-friendly in India.