Pradhan Mantri Jan Dhan Yojana (PM-JDY): The Centre has directed banks to do re-KYC of bank accounts opened 10 years back under the Centre’s flagship Pradhan Mantri Jan Dhan Yojana (PM-JDY).
In this regard, M Nagaraju, Secretary, Department of Financial Services (DFS), chaired a meeting with all stakeholders for carrying out fresh Know Your Customer (re-KYC) process for the Pradhan Mantri Jan Dhan Yojana account holders yesterday, the finance ministry said in a release on Monday.
The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years, the release said.
Also Read EPFO reports 7.8% increase in claims settled, 7.6% growth in subscribers: Labour Ministry Banks open or closed today, November 9? Check full list of bank holidays this month Banks to be closed on November 8 in THESE states – Check upcoming bank holidays here iQOO 13 India launch confirmed for December: 13-point quick review of OnePlus 13, Realme GT 7 Pro rival
Under the PMJDY, one basic savings bank account is opened for unbanked person and there is no requirement to maintain any minimum balance in PMJDY accounts. Interest is earned on the deposit in PMJDY accounts.
Also read: PM Vidyalaxmi Scheme: Collateral-free, guarantor-free education loans! 3% interest subvention – Who is eligible?
Means for doing re-KYC
During the meeting, Nagaraju suggested using all means for doing re-KYC — such as fingerprints, face recognition, taking declarations where no change in KYC documents occurred — through all channels like ATM, mobile banking, internet banking, and other available digital channels. Banks should also look forward to implement best practices adopted by other peer banks.
Nagaraju stressed that the role of State Lebel Bankers Committee (SLBCs/ UTLBCs) as well as Lead District Managers (LDMs) are crucial and they should seek assistance of State / District administration / Gram Panchayats in mobilising people to get the re-KYC done in campaign mode.
The Secretary also urged the banks to work in the same zeal as shown by them during launch of PMJDY scheme and complete the task of re-KYC in a mission mode to avoid any inconvenience to customers. He further directed banks to deploy additional staff wherever necessary to complete the re-KYC in a time bound manner.
» Read More
