Jan Dhan Yojana: As the Pradhan Mantri Jan Dhan Yojana (PMJDY) ends a decade since its inception in 2014, the Reserve Bank of India (RBI) has made re-KYC (Know Your Customer) mandatory for many account holders. With over 56 crore Jan Dhan accounts opened under the PMJDY, a large number are now pending for periodic re-KYC updates.
RBI Governor Sanjay Malhotra on Wednesday declared that banks will be organising re-KYC camps from July 1 to September 30 at the Panchayat level. The objective of these camps is to provide doorstep banking services, including account updates, initiating new accounts, and awareness on micro-insurance along with pension schemes.
The change is part of a larger strategic financial inclusion and customer convenience. In addition to re-KYC, Malhotra revealed plans to standardise the process for claim settlement in the case of deceased account holders. This comprises of deposits, articles in safe custody, and locker contents, which will help families access these services effortlessly and consistently across banks.
Further, the RBI will improve the RBI Retail-Direct platform, allowing retail investors to participate in treasury bills through systematic investment plans (SIPs), providing easy access of government securities to general public.
Governor Malhotra confirmed the RBI’s commitment to citizen welfare, specifying, “It is the people of India, including those at the bottom of the pyramid, who are our raison detre, or the reason of our being.”
Jan Dhan account holders are advised to visit the nearest bank or camp for re-KYC to avoid service disruptions.
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
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