Fresh KYC Mandate for Jan Dhan Accounts: A Decade On

Financial Services Secretary M Nagaraju requested banks to initiate a fresh KYC process for Jan Dhan accounts due for updates. He emphasized using various digital methods for re-KYC and encouraged banks to employ additional staff and adopt best practices to ensure customer convenience.

On Monday, Financial Services Secretary M Nagaraju urged banks to start updating KYC processes for Jan Dhan accounts that require updates.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, saw around 10.5 crore accounts opened. These accounts now require fresh KYC updates after a decade.

Nagaraju chaired a meeting with stakeholders to discuss the re-KYC process for PMJDY account holders. He suggested a variety of methods, including fingerprints, face recognition, and digital channels like ATMs and mobile banking, to conduct re-KYC effectively.

The Financial Services Secretary also highlighted the need for banks to implement successful strategies adopted by peers and maintain the momentum seen during PMJDY's launch. To avoid customer inconvenience, Nagaraju directed banks to use extra staff wherever needed and execute the re-KYC in a timely fashion.

(With inputs from agencies.)