Account Number Portability

Account Number PortabilityThe new candy for the customers of the financial services is the Account Number Portability. Following the same fashion as countries like Hungary, UK, Sweden, Australia, and South Africa, now India is also set to get in the ANP (Account Number Portability). The press releases covering Mr S.S. Mundhra (Dy. Governor of RBI) makes it very clear that the bank account holders will now be at ease as the tangible and messy paperwork of opening new accounts in banks will get diminished very soon. Now it will be possible for them to access multiple bank facilities using a single bank account. While there is already an approach to mobile and health insurance portability but for banking, this will be introduced for the first time in India.

The Finance Ministry, the Reserve Bank of India and other banks including private sector banks are already on the forum for the introduction of this new system in the upcoming years. To commence this process, the banks have been advised to strictly regulate the Know Your Customer (KYC) norms while bureau of experts will be appointed to get more details for implementing the process efficiently.

With the rising fears of financial terror, confidentiality and security of the customer, the RBI has made some plans for banks for the preparation and monitoring of risk profile of customers to check the disasters involved in money laundering which prompts customers to switch banks rapidly. The Committee will ensure that appropriate and adequate measures will be taken to avoid the menace of money laundering so as to protect the interest of the banks also.

An official of the Finance Ministry has indicated the scheme to come into action within three years as the discussions with RBI and other banks are on board. So now the ANP will allow a migrant worker to switch his account from one bank to another just by writing an application to the authorized person in his home branch. Also, the existing systems like ATM’s with core banking will provide a helping hand to regulate this new process.

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