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Intra Bank Account Portability is a Reality in India

No doubt RBI or Reserve Bank of India is doing a great job of streamlining the financial systems and now it has asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.

The customer will be now allowed to transfer his account from one branch to another branch without restrictions, however client has to provide correct address and fresh address proof  for intra bank account transfer.

This action is being undertaken by RBI as private sector banks generally ask clients to close the account and open a new account at new station or place of duty. Public sector banks also to avoid transfer process with in their own branch network advises client to close the account. Now RBI wants all banks to use the Core Banking Service (CBS) optimally to provide best and 100% satisfaction oriented transfer process.
However we will be more excited provided RBI can come with Inter Bank Transfer for the accounts. The same is possible provided all banks have same KYC norms and minimum deposits.

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