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Banks Should Offer Account Number Portability, Says RBI
August 02, 2017
In a bid to improve customer service and promote a healthy competitive spirit, RBI Deputy Governor S S Mundra has asked the banks to establish an account portability system for their customers.
Mudra was speaking at an annual conference of ombudsmen when he said that banks should strive to offer more choices to the tech savvy customers of today. He said that customers should be able to switch their banking institution with ease and in silence if there are dissatisfied with the services of their current institution. He also pointed out the growing problems of loss of cheques from drop boxes, etc. which are not being taken seriously by the lenders. He said that banks must compensate their customers regarding such issues.
