Hail Portable Bank Accounts
RBI deputy governor S S Mundra’s suggestion to make bank accounts ‘portable like in the telecom industry’ is a great idea (‘Huge Incentives to Staff Trigger Mis-selling’, Aug 1). The biggest reason for banks to treat their customers with contempt is the fact that the former are aware of the client’s inability to move out, at least from their retail functions. Having shared the account number with many entities such as MFs and insurers, switching banks can become a nightmare. Bank account portability will be a boon for all account holders.