New Delhi:  After introducing portability provision in telecom and health sector, the Union Ministry of Finance is mulling to provide the same facility to savings bank account holders. The Ministry is keen to introduce banking portability number, which will allow the customers to retain their account number while changing bank.

Financial Secretary of the Ministry, DK Mittal informed on Tuesday, “We are keen enough to launch saving account portability number facility. But due to certain technical snag the project has been delayed. Efforts are being made to overcome the problems and begin the service at the earliest.”

Mittal opined, “For implementing the portability number service, banks will have to follow certain rules and regulations like identification code, Know Your Customer (KYC) and norms of core banking solution.”

“With the introduction of this service, it will become easy for customers to change their banks without fulfilling the KYC norms repeatedly,” he added.

Last year, the government introduced portability number facility in telecom and health sectors enabling mobile phone customers to opt for other operators without changing their numbers. On a similar note, health insurance policy holders can also change the insurance company maintaining the services to be covered under the particular policy.

On October, 2010, Reserve Bank of India (RBI) authorized banks to deregulate interest rates on saving account deposits. Following this, several private banks hiked the interest rate as much as seven percent.

Mittal further said capital infusion in PSU banks would be completed by March 31. The government has already announced to maintain the bank capital at eight percent.

JPN/Bureau