Dear Comrades,
Financial services secretary, DK Mittal has said that the government is
working on savings
banks account number portability. This comes at a time when the central
bank, Reserve Bank of India has favoured looking into the matter once every
account holder has a number issued by the Unique Identification Authority of
India or UIDAI.
Mittal,
however, said that banks would have to work on identification code, know your
customers (KYC) norms and core banking solution ( CBS) for
implementing the savings bank account number portability.
"We want to do it (savings a/c number portability). Right now there are some
technical problems...we have identified them. We will overcome them soon," he
said.
Earlier RBI's deputy governor KC Chakrabarty had also said that account
number portability remains a challenge in terms of technology..
The move would help customers change banks, without the need of going through
the KYC norms again.
As of now there is no country which offers complete bank account number
portability, though rudimentary form is available in some European countries
such as Sweden.
On the issue of capital infusion in state run banks, Mittal said that capital
infusion in PSU banks would be completed by the end of this fiscal. "We will
complete the process of bank recapitalisation by March 31," he said. the
government has made budget provision of Rs 6,000 crore for capital infusion in
PSU banks in the current fiscal.
http://articles.economictimes.indiatimes.com
