RBI asks banks to enable account number portability

In such cases, the Deputy Governor suggested that the customer "must be compensated immediately"

RBI Deputy Governor S S Mundra has asked banks to work towards account number portability as it will be a far-reaching step towards enhancing competition and improving customer service.
 

Speaking at the annual conference of banking ombudsmen here recently, he said banks should look forward to providing more choices to the new generation of customers who are more technology savvy.
 

"A scenario was thus emerging wherein customers would be able to silently walk out from one institution to another, in case of any dissatisfaction with the services," RBI said in a release on Monday, quoting Mundra.
 

Mundra said this will