Imagine having the freedom to switch banks without changing your account number. The Reserve Bank of India (RBI) deputy governor S S Mundra has asked banks to work towards account number portability like in the case of the telecom sector, which, according to him, would enhance competition and improve customer service.
Mundra said banks should look forward to providing more choices to the new generation of customers who are tech-savvy.
“A scenario was thus emerging wherein customers would be able to silently walk out from one institution to another, in the case of any dissatisfaction with the services,” Mundra said.
He also referred to the rising trend of loss of cheques from drop boxes and the lack of alacrity shown by banks in redressing such complaints. He said the customer “must be compensated immediately”.
(With Agencies)
