RBI pushes portable bank accounts to empower consumers.

RBI pushes portable bank accounts to empower consumers. The Reserve Bank of India is advancing its Payments Vision 2028 with a focus on enhancing user experience and reducing friction in money movement. A key initiative involves creating a Payments Switching Service that will centralize payment mandates, allowing customers to easily view and migrate both incoming and outgoing instructions across banks. This addresses the sticky nature of savings accounts tied to multiple standing orders. Additionally, the RBI is prioritizing cross-border payment improvements by reviewing regulatory, operational, and technological bottlenecks while aligning with global G20 standards. These measures aim to lower barriers for firms, foster innovation, and reduce delays in international fund transfers.