{"id":212364,"date":"2026-03-31T11:52:51","date_gmt":"2026-03-31T06:22:51","guid":{"rendered":"https:\/\/newsfed.in\/english\/?p=212364"},"modified":"2026-03-31T11:52:51","modified_gmt":"2026-03-31T06:22:51","slug":"bank-account-portability-coming-soon-switch-your-bank-without-changing-account-number-rbi","status":"publish","type":"post","link":"https:\/\/newsfed.in\/english\/bank-account-portability-coming-soon-switch-your-bank-without-changing-account-number-rbi\/","title":{"rendered":"Bank Account Portability Coming Soon! Switch Your Bank Without Changing Account Number: RBI"},"content":{"rendered":"\n<p>In a historic move to empower millions of account holders, the Reserve Bank of India (RBI) is working on an ambitious &#8216;Bank Account Portability&#8217; framework under its &#8216;Payments Vision 2028.&#8217; This reform will allow customers to switch from one bank to another while retaining their existing account number, much like Mobile Number Portability (MNP).<\/p>\n\n\n\n<p>Currently, switching banks is a tedious task involving manual updates of salary details, SIPs, EMIs, and government subsidies. To solve this, RBI is developing a centralized &#8216;Payments Switching Service&#8217; (PaaS). Under this system, all payment mandates and auto-debit instructions will be automatically migrated to the new bank. Customers will no longer need to inform HR departments or utility providers individually about the change.<\/p>\n\n\n\n<p>This initiative is expected to boost competition among banks, forcing them to improve digital services and reduce hidden charges. While the IFSC code might change as it is bank-specific, the core account number will remain a universal financial ID. With this, RBI aims to simplify banking, enhance customer freedom, and align Indian financial systems with global innovation standards. Switchable banking is no longer a dream but a near-future reality.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a historic move to empower millions of account holders, the Reserve Bank of India (RBI) is working on an ambitious &#8216;Bank Account Portability&#8217; framework under its &#8216;Payments Vision 2028.&#8217; This reform will allow customers to switch from one bank to another while retaining their existing account number, much like Mobile Number Portability (MNP). Currently, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":212365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-212364","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank Account Portability Coming Soon! 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