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Account number portability soon to be a reality!

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Initiating better service standard and competition in the banking segment, the Reserve Bank of India (RBI) Governor SS Mundra has directed the banks to progress towards account number portability.

“Banks should look forward to providing more choices to the new generation of customers who are more technology savvy,” he said, while speaking at the annual conference of banking ombudsmen.

“A scenario was thus emerging wherein customers would be able to silently walk out from one institution to another, in case of any dissatisfaction with the services,” said RBI, in its official communiqué, quoting Mundra.

While referring to the rising menace of loss of cheques from the drop boxes Mundra showed his concern towards the lack of promptness shown by banks in redressing such complaints.

He further added that in such circumstances, the customer “must be compensated immediately” by the responsible bank.

He directed the banks to address the grievances and settle all complaints and compensate the customers immediately from the pool, without waiting for recovery of the amount from insurance.

“The lenders and the Indian Banks’ Association (IBA) to work towards evolving a common platform to provide a comparative and transparent view of various products and services,” said Mundra, while referring to the tenets of the Charter of ‘Customer Rights’.

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