savings banks account number portability in india

Sushubh

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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.


Government working on savings banks account number portability — economictimes.indiatimes.com — Readability

Can someone explain me the benefits?

Would this mean that the person can change banks but his friends would not require to change the account details in their online accounts for online money transfers? I do not see that happen without major technical issues.

And again... How is Aadhar going to help the cause?
 

manu1991

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seems silly. do people get inconvenienced when using a new account number for a new account? I don't even remember my account number.
 

Samuel

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If you have a salary account and you swap company,say, new company doesn't support 'shit' bank then you can port your account number to the new bank, I guess?I don't remember my account number either. But, I keep the card handy.
 


Sushubh

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that is the point. we do not really have much use of remembering the number. unless it solves the problem of online money transfers (connectivity remains even if one of the payees changes their banks)...
 

SVK

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Actually when we transfer money we use Account number + IFSC code for NEFT.So what happens to IFSC code? any info about it?Then Account number reflects city/branch identification. After portability this will mess up.I didnt like the way Mobile number portability worked, and I am sure this will go same way :)
 

sanke1

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I hate giving more info to our controlling government. They just use our provided info to harass innocent people while real frauds roam freely. I am unable to express this in better way but have the paranoia of our private info being in hand of government.
 

solariiknight

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my SBI account had number portablity.. I transferred from Bangalore to nagercoil.. the account number remained the same. It surprised me that a nationalised bank could do that. :Fireworks:let me transfer Rs.1 from my hdfc bank do SBI bank with the old IFSC code and see whether the techincal issues exist :)
 

Sushubh

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i think many banks offer such a feature. considering IFSC code is required for online money transfer, the bank account number is no longer needed to identify the state/city/branch of the account number. stupid thing is that now we need IFSC number. earlier the account number itself had all the relevant information to locate the branch where it existed.
 

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