You Will Soon Be Able to Switch Banks and Still Keep Your Account Number

Key Takeaways

• The Reserve Bank of India released its Payments Vision 2028 in March 2026. It proposes a Payments Switching Service (PaSS) that would let customers move between banks without changing their account number or manually updating payment links.
   
• Until now, switching banks meant updating salary accounts, EMIs, SIPs, and subscriptions one by one. This made accounts too “sticky” to change, even when better options were available.

Your Bank Account May Finally Work Like a SIM Card

India’s banking system may soon see a big customer-friendly change. The Reserve Bank of India is working on a plan that could let people switch banks without changing their account number. This would be similar to mobile number portability, but for your bank account.

This could change how banks compete in the long run. Banks will have to work harder to keep their customers if switching becomes easy.

However, the plan is still in the early stages. The RBI has said it will only study if this is possible, and there is no clear launch timeline yet. The rollout will likely happen step by step. Until then, people will still have to switch banks the usual way.

What does this mean for Millions of Indians with bank accounts?

Today, most people in India stay with the same bank not because they want to, but because switching is a hassle. Everything like EMIs, OTT subscriptions, school fees, and insurance payments is linked to one account.
 

This problem could be solved easily if the plan by the Reserve Bank of India is implemented. Customers will be able to see all their payments in one place and move them to a new bank without much effort. They can choose to switch everything or only some payments, based on what they prefer

What Experts Are Saying and What Needs to Happen Next?

Greater portability will increase competition among banks and give customers more control over their money. It can make India’s payment system more efficient, transparent, and better connected globally.

According to GKToday and Business Standard, this proposal focuses on giving more power to users, building trust, and improving efficiency.

RBI stated: “Customers face challenges in managing their payment instructions in case their account number changes due to shifting to another bank, merger of banks, etc. To address this, the feasibility of implementing a ‘Payments Switching Service’ shall be explored.”

The RBI will need to create a strong central system and ensure banks are properly connected to it for this system to work smoothly across the country. It will also need to keep customer data secure across millions of accounts. India already has a strong base because of systems like UPI, but the real challenge will be implementing it effectively.

Conclusion 

The RBI’s bank account portability plan is one of the most customer-friendly banking reforms proposed in recent years. It gives more control to customers over their own money.

The idea is strong, and the need is clear, but India will still have to wait for a proper study and a clear rollout plan before it becomes a reality.

Frequently Asked Questions

1. How can I switch my bank account to another bank?
You need to open a new account in the bank you choose to switch to. Then, transfer your balance, update your linked payments like EMIs and subscriptions, and close your old account if you no longer need it.

2. Is it easy to switch bank accounts?
It is not very easy right now to switch bank accounts because you have to manually update all your payments and details. However, with the RBI’s upcoming portability system, the process is expected to become much simpler and faster.