The Reserve Bank of India is developing a system to let customers switch banks without changing account numbers under its Payments Vision 2028. The proposed framework will enable seamless transfer of account details, auto-pay mandates and investments through a centralised platform.
Currently, changing banks requires opening new accounts and updating multiple services, often causing inconvenience. The move is expected to boost competition, improve customer service and reduce errors in transactions.
While no timeline has been announced, the initiative is seen as a major step towards strengthening India’s digital banking ecosystem and enhancing customer convenience significantly.