Savings Banks Account Number Portability

Government working on savings banks account number portability 

Financial services secretary, DK Mittal has said that the government is working on savings banks account 

number portability. This comes at a time when the central bank, Reserve Bank of India has favoured looking into the matter once every account holder has a number issued by the Unique Identification Authority of India or UIDAI.Mittal, however, said that banks would have to work on identification code, know your customers (KYC) norms and core banking solution ( CBS) for implementing the savings bank account number portability. 

"We want to do it (savings a/c number portability). Right now there are some technical problems...we have identified them. We will overcome them soon," he said.

Earlier RBI's deputy governor KC Chakrabarty had also said that account number portability remains a challenge in terms of technology.. 

The move would help customers change banks, without the need of going through the KYC norms again. 

As of now there is no country which offers complete bank account number portability, though rudimentary form is available in some European countries such as Sweden. 

On the issue of capital infusion in state run banks, Mittal said that capital infusion in PSU banks would be completed by the end of this fiscal. "We will complete the process of bank recapitalisation by March 31," he said. the government has made budget provision of Rs 6,000 crore for capital infusion in PSU banks in the current fiscal.