Discussions are on upon the account number portability in Indian Banks (ANPIB). Is it like the mobile number portability, we recently come across? Whether we use these account numbers like mobile numbers in public domain?
Irrespective of the mobile numbers, this is not all about allotting the same account numbers by the other banks or to switch to another bank with the same account number but:
Now the CBS account number denotes many factors such as branch name, product name and the running account number thereafter. So the switching will do away with the self interpretations first of all.
Each account been associated with a nine digit MICR number representing city, bank and branch code. This MICR number plays a role in normal and high speed clearing, ECS and cheque truncation or otherwise. So the ANPIB will have to be followed with the change of cheque books and the Debit/ ATM cards as well.
An IFSC code of the branch also remains associated with the accounts and the same entertains the bank’s identity and the branch code. The same facilitates intra bank local and overseas fund flow and the same will not happen with the switch or the switching will have to undertake many such changes.
What should be done therefore?
To make the concept workable, a banking gateway like VISA or NPS. Such gateway may issue a particular Customer ID which may be considered as the bank account and the same can be made portable. This ID can thereafter be made accessible from the various forums modifiable by the holder under secured system or by the banking and financial institutions under the specific written request from the client. Such ID’s may be further associated with the single or multiple bank accounts with the default provisions and with all the factors such as MICR/ IFSC numbers associated with it. All financial transactions may happen through such customer IDs which can be further processed automatically based on such details associated with.
In addition like cvlindia.com or cvlkra.com, which manage KYC data for the mutual funds, the Customer ID and KYC data can be managed on a single platform and further opening of multiple accounts for different requirements can be eased out my making the KYC as verifiable.
So looking forward for this portability to happen~~~
