New Delhi: The plan of bank account number portability is on the verge of being scrapped prior to its implementation. The committee which was assigned to give suggestions in this regard has opined that it is not feasible in India.

The plan was proposed by the Reserve Bank of India (RBI) but the banks functioning in the country have shown reluctance to adopt it. Banks have refused to make any technical changes in their existing system for its implementation.

The committee led by Chief General Manager of RBI Vijay Chugh has echoed the banks’ concerns and their inability to implement the plan. Banks have conveyed that existing account numbers were prepared by them after putting great efforts and a lot of contemplation and every digit of an account number has a specific meaning. Banks’ software has been developed according to the pattern of bank account numbers. To implement any changes in this pattern will require massive changes in the software which is a cumbersome process.

Moreover, every bank account number needs some changes before the implementation of the plan. The committee told that it is very tough to change every bank account number in a country as big as India.

JPN/Bureau

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