Bank Account Number Portability going to be a reality soon

Babushai, April 07, 2012

Chandigarh 7 April (BB) In a good news for the banking customers, the Union Ministry of Finance is going to provide Bank Account Portability Service, allowing the bank customers to change their service provider without sacrificing an account number. This was informed on here on Saturday by George Cherian, Director of CUTS International, a consumer organization working in more than 20 countries. He said that Ministry of Finance has already taken a decision in this regard and soon banks will have to allot same account number to customers which they had with previous service provider. Only glitch is about the technical feasibility as all the banks have to adopt a uniform kind of software to implement these provisions, informed Cherian, who was here to preside over “Knowledge Enhancement Workshop” organized by CUTS International and Citizen Awareness Group while addressing heads of various NGOs from Punjab, Haryana and Chandigarh working in the field of consumer awareness. George Cherian said that in spite of the best efforts of Government and NGOs, level of consumer awareness in the country is very low. Only 18 per cent people in India know that country has a Consumer Protection Act to safeguard their rights. He said that India though has very Consumer Protection Act but is still lacks a National Consumer Policy. We have drafted this policy and submitted it to Government of India way back in 1998 but it is still awaiting approval of Cabinet, George Cherian lamented.

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