Central Government is gearing up to tighten screws on the Banking System to plug all the loopholes and eradicate black money. Accordingly, the government is planning to ensure only one bank account to every individual.
Center will introduce Banking Portability. Customers can merge their multiple bank accounts into one in a given time. This single bank account linked with Aadhar and PAN Card which will keep an eye on all the transactions happening to ensure Tax Compliance.
However, this system will ultimately kill the small banks and Private Sector Banks. The government is also planning to cancel the Cheque system as well very soon. These are radical reforms but will trouble the commoners big time initially.
