Jan Dhan Account Holders Can Complete Re-KYC Till September 30: RBI

RBI Governor Sanjay Malhotra announced on Wednesday that a large number of Pradhan Mantri Jan Dhan Yojana accounts have become due for re-KYC (Know Your Customer) updates, as the government's flagship financial inclusion scheme completed 10 years.

Consequently, public sector banks are organising camps for re-KYC of Jan Dhan scheme accountholders at the panchayat level from July 1 to September 30, Malhotra said in his MPC speech.

"The banks are organising camps at the Panchayat level in an endeavour to provide services at customer doorsteps. 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," the Governor said.

Re-KYC is a simple process where one can update their personal and address details to keep their records up to date with the bank where they have accounts.

RBI today also announced a policy for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of dead bank customers. This is expected to make settlement more convenient and simpler.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a government financial inclusion programme to ensure access to financial services, namely, basic savings and deposit accounts, remittance, credit, insurance and pension in an affordable manner.

Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

Rupay debit card is provided to the PMJDY accountholder. Accident insurance cover of Rs 2 lakh is available with RuPay card issued to the PMJDY account holders.

"Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest. It has bridged the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion," PMO India said in a post on X.

As of date, over 55.90 crore accounts have been opened under PMJDY. Further, the government has taken many initiatives to deepen financial inclusion and ensure that access to basic banking services.

In this direction, 53.85 crore loans amounting to over Rs 35.13 lakh crore have been sanctioned under the Pradhan Mantri MUDRA Yojana (PMMY).

The PMMY provides collateral-free credit of up to Rs 20 lakh to micro and small enterprises, thereby enabling self-employment and income generation.

The panchayat level camps are also facilitating registrations for several key schemes, including the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension Yojana.

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