Hail Por­ta­ble Bank Ac­counts

The Economic Times - - The Edit Page -

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.

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