Should RBI allow account portability between banks?

RBI should allow the number portability between the banks.

It is a very good concept and ofcourse possible in current IT age. Now we are availing the core banking facility, then why not account. It will ease many the complexities... Why do we want to stick on the old hectic methods, let's think something innovative, to save time and money. Let the computers take care the hectic things, as human being can think of the future enhancements...

This is an excellent idea.  All procedural difficualties can be easily overcome in this computerised age.  A lot of unwanted accounts can be weeded out in the banking system.

This is a very welcome idea!  If at all some operational difficulties are expressed as an obstacle in implementing this, we can easily get over them in this computerised age.  This is no doubt consumeristic, but a lot of unwanted accounts can be weeded out in the banking system.

Yes, Telecom System in India is an eye opener and one of the most practical and tested example or reference point for all other sectors to study the benefits of competition.  Though Number portability in telecom is not yet implemented, the very thought of it makes the service provider to become more customer focussed and quality oriented.

Account portability from financial instruments is a little complicated matter, however a serious thought on implementing this has to be given as it will create a competitive advantage for banks with good quality service and greater attention to all customers.  

Today, banks are on the loose.  The more a customer is willing to pay, the more they are willing to service.  The less a person is able to manage finances, the more he is forcefully  squeezed out in form of various penalties and charges.  But if it is a service or fault on the bank's end, mostly in small accounts, they still stand to win as small account holders don't go for litigation and even if they do so, the chances of them winning is remote in terms of the cost of opportunity.

There will be a drastic change to these factors once account portability sets in.  As mentioned by Abhijeet, it should not be limited to CASA, but should be applicable to all banking Instruments like - any kind of loans, deposits, accounts etc.,  Since implementation is complex on other instruments, they can start with CASA.  

Bebefits: Quality of service will improve greatly, cost of services will drastically reduce, sharing of ATM's will become free for customers or atleast quality and reliability of ATM's will improve.  Finelines on all bank papers will become bold and systems more transparent.  Customers stand to benefit on loyalty to the bank etc etc.,

THUS I SUPPORT THE IDEA OF ACCOUNT PORTABILITY

As it is bank's are doing it, perhaps it is not number portability but the saga of take overs of loan accounts has been there for long in the loans/advances.  As for the deposits cut throat competition is in place for luring the depositors, what more can be achieved by this number portability, is already in practice

I suppose you know their is a KYC policy even in telecom!!!! Anyway, once allowed, how account portability is to be handled will initiate a different discussion with various experts.

I strongly believe it should be allowed to offer wider choice to the customer, increase competition and better customer service levels.

How it is to be achieved is a different story.... Couple of years back, did you think that number portability was possible

Black money or parallel economy is a different argument. There are ways to handle it. Mainly it requires POLITICAL WILL.

Number portability in telecom is being allowed to increase competition and ensure better customer service. It also gives the cust the choice not to get stuck with 1 service provider.

As a bank customer, why should I stay with a bank that is inefficient? Why should I not get the best terms and the best service!!!!