One Country , One Bank Account

It will be really woderful if the concept of one country one account becomes a reality. Under this concept an individual customer with a unique account number can go to any bank for transacting banking business.Technology holds the key in its implementation.The retail payments hub being set up under the aegis of the National Payments Corporation of India [NPCI]would help link all banks ,ATMs,point of sale[POS]terminals,mobile service providers etc as an aggregator for enabling seamless payment and settlement.Once India Pay becomes operational all ATM and POS transactions would be settled in India.At present these transactions are routed through international payments gateways of Mastercard or Visa.It is learnt that the NPCI which has an authorised capital of Rs 300 crores has engaged the services of a global HR search firm to zero in on a CEO and key operations personnel.NPCI's promoters are SBI,Punjab National Bank,Canara Bank,Bank Of Baroda,Union Bank Of India,ICICI Bank,HDFC Bank,Citi Bank and HSBC.