The portability system after being successfully implemented in the mobile and heath insurance space is soon expected to make its way in banking sector also. The government is already engaged with the Reserve Bank of India to study if it is feasible to introduce bank account number portability.

The system, if finds a concrete form will be very useful for the people who have to shift continuously to new locations. It would also enable customers to take independent decision if they want to shift their accounts if the services of their present banks are not satisfactory.

A Finance Ministry official said, “We have started preliminary discussions with the RBI and banks, and they are on board. Bank account number portability will allow a migrant worker to shift his account from one bank to another simply by writing an application to his home branch.”

To make the task possible, all the banks will be asked to follow common Know-Your-Customer (KYC) norms. This however will make the procedure of prime importance as a minor mistake in it could pose a danger to national security.