New Delhi: After unveiling direct cash transfer scheme, the Central Government is planning to introduce bank account number portability (ANP) which will allow customers to retain their account numbers while changing their banks.

The Finance Ministry has asked Reserve Bank of India and Indian Bank Association to issue necessary guidelines in this regard. The Finance Ministry recommended that ANP be implemented in the nation before cash subsidy scheme.

The RBI recently has formed a high-level committee to prepare a roadmap of ANP. The Finance Ministry told the ANP facility can be provided to those customers whose accounts are being opened through AADHAR cards.

Sources close to ministry informed that account portability scheme will be convenient for cash transfer plan. An individual entitled to cash subsidy can retain the account number even if he moves to other place.

In such a case, the process of subsidy transfer will work undisrupted. Customer will have facility to choose any bank. On the basis of existing proofs, the bank can open account without verifying identity of the customers.

The ANP will enhance competition among the banks which will provide quality services as well as attractive interest rates to the costumers.

Notably, mobile number portability and health insurance number portability have already been introduced in the country.


Latest News from Business News Desk