BANKING AFFAIRS

Detailed explanation-1: -Against this backdrop, a facility, which allows customers to retain their existing bank account numbers when they change their bank, would make the switch easier. This is the principle underlying Bank Account Number Portability (BANP).

Detailed explanation-2: -Your bank account number is the primary identifier for the bank account. This is unique in nature and no two banks or account holders can have the same account number.

Detailed explanation-3: -Bank account portability means a customer can move away from one bank to the other by just transferring his bank account number and not having to open a new account altogether in another bank. This can be possible because of unique Aadhaar card number and National Payments Corporation of India (NPCI).

Detailed explanation-4: -No. An individual is eligible to have only one ‘Basic Savings Bank Deposit Account’ in one bank.

Detailed explanation-5: -Banks may freeze bank accounts if they suspect illegal activity such as money laundering, terrorist financing, or writing bad checks. Creditors can seek judgment against you which can lead a bank to freeze your account. The government can request an account freeze for any unpaid taxes or student loans.