Articles you may Like
Intra-bank Account Number Portability already implemented – Inter-bank account portability not feasible – Says Minister in reply to Lok Sabha Query
RBI also constituted a “Technical Committee to examine uniform routing code and account number structure”, which also examined the matter regarding inter-bank portability of the account number. The Technical Committee is of the view that account number portability may not be feasible even with the implementation of International Bank Account Number (IBAN) because of the two constraints, i.e. (i) Bank code is an integral part of IBAN and as such, it does not facilitate account number portability across banks (ii) even if portability of the account number is considered without the bank code, it would give rise to a scenario where the said number may already be allotted to other customer of the destination bank. RBI has hosted the Report of the Technical Committee on its website www.rbi.org.in for public comments.
The above information was submitted by Ministry of Finance in reply of undermentioned Lok Sabha Question.
Source: Lok Sabha