The Reserve Bank of India on Wednesday flagged that a number of Pradhan Mantri Jan Dhan Yojana accounts are due for a re-KYC as the scheme has completed 10 years. In his MPC statement, RBI Governor Sanjay Malhotra said that camps are being organised by banks for customers to complete their re-KYC.
Launched in 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has approximately 56 crore accounts under its wing so far. The accounts that have been opened in 2014 and 2015 have become due for periodic updation or re-KYC as they have completed 10 years, as per rules.
“As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC,” Malhotra said.
How to do re-KYC for your PM Jan Dhan account?
Malhotra said that banks are organising three-month long camps from July 1 to September 30 to do re-KYC for Jan Dhan accounts that are due for updating.
“The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps,” Malhotra said.
Jan Dhan account holders with outdated KYC can visit these camps to update their details.
Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress, Sanjay Malhotra said.
He highlighted the effort as part of a broader push to strengthen last-mile access to financial services.
“The camps are aimed at bringing services to customers’ doorsteps,” the RBI governor said.
What is re-KYC?
Re-KYC, or periodic updating of Know Your Customer details, is the process through which you can share your latest information like address and personal details with your bank.
If your KYC has expired or you need to update any detail, you need to contact your bank to keep your account active and compliant.
The Pradhan Mantri Jan Dhan accounts also fall under this ambit. They have multiple benefits including zero-balance savings accounts, interest on deposits, a RuPay debit card with accident insurance, and overdraft facilities of up to ₹10,000 among others. Jan Dhan accounts are also used by the masses for receiving subsidies through Direct Benefit Transfer.