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Sunday, 19 November 2017

Bank Account portability:

Bank Account portability:

 Single Bank Mobile Phone Portability ... There is a similar system for mobile numbers so far. But the first time the banking sector is going to bring this approach to the RBI. In the first phase, if other accounts in a single bank are canceled in the first phase, the second stage will cancel the accounts of other banks. The same bank will make a single account. The decision was made with the aim of delivering portability services without the possibility of providing better and faster service to customers and unlawful transactions. The RBI, which has already met with the bankers, has been negotiating a huge deal. There are also claims that bank accounts are linked to Aadhaar. This process has started in some banks. As soon as the Aadhaar connection is completed, it is likely to be fast. Early saving account portability will be available Kumar Raja Account Portability is a challenge to banks. Because the file structure at the start of the account, you need to change the software that banks use. All banks use a single database. This is also an expensive affair. Similarly, Indian Financial System Code (IFSC) and Mobile Money Identifier (MMIDs) should also be modified. However, it has also been reported that their development works were handed over to National Payments Corporation of India (NPCI). It has already been developed that NPCI has developed a technology like Bhim, IMAX and UPI. This is another problem. The number in the account number is also difficult. For example, 10 digits for Citibank account, 11 for SBI, 12 for ICICI, 14 for HDFC, and 16 for Punjab National Bank (PNB). The number of all bank accounts in the portability should be equal. Experts say that this may be easy because the bank software development companies have some challenges to succeed. In the past, the Indian Women's Bank (BBA) has mapped the number of the two banks when it merged with SBI. Bimbi has 12 digits and SBI has 11 digits. After the merger, the two banks accounted for 11 digits.


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