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New Delhi. The Reserve Bank of India (RBI) is preparing to bring major changes in the banking sector under its ‘Payments Vision 2028 Program’. According to this scheme, now you will be able to port your bank account from one bank to another like mobile SIM. Its objective is to provide more convenience to the customers and simplify banking services.

All payment details available at one place

According to a report, RBI is creating a central system through which all your auto-payments, bill settings and standing instructions like EMI or salary auto-payments will be easily transferred to the new bank. This means that changing accounts will no longer be complicated and customers will not be dependent on any one bank.

This new platform will allow customers to view and manage all their payment details in one place. Whether you are paying bills or doing inter-bank transactions, everything will be easily tracked and transferred. This will make the bank account portable and changing the bank will be easy.

Foreign transactions will be faster and cheaper

RBI is also trying to make foreign transactions faster, cheaper and simpler through this system. The central bank will re-examine the entire platform to remove any bottlenecks caused by regulations, technology or processes. The system will be designed in line with G20 global standards, allowing easy connectivity between India’s fast payment system and digital payment networks of other countries.

Objective and benefits of the proposal

The main objective of this initiative is to ease the way for new companies and startups, promote innovation and reduce the time taken to send money abroad. RBI believes that this change will help in promoting digital currency and international payments. India has already signed agreements with many countries to link their fast payment systems, and the new platform will make the process more seamless.