Secretary DFS Launches Mission-Mode Re-KYC Drive for 10.5 Crore PMJDY Accounts

Secretary M. Nagaraju Directs Banks to Adopt Digital Tools, Seek Local Administration Support, and Ensure Seamless Process for Account Holders.

In an effort to uphold the goals of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and ensure compliance with updated Know Your Customer (KYC) norms, Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), led a meeting with key stakeholders in New Delhi, launching a nationwide campaign for periodic re-KYC updates for PMJDY account holders.

The PMJDY initiative, introduced in 2014, facilitated the opening of approximately 10.5 crore bank accounts in a mission mode between August and December 2014, aimed at broadening access to financial services across India. Now, a decade later, these accounts require re-KYC updates to ensure that customer records remain accurate, compliant, and secure.

During the meeting, Shri Nagaraju urged banks to employ a comprehensive approach, using multiple methods of verification — including biometric fingerprints, face recognition, and customer declarations if there are no changes to the KYC information. He suggested that re-KYC should be accessible across diverse digital and physical channels, including ATMs, mobile banking, internet banking, and other digital options. He encouraged banks to study and adopt best practices from peer banks to streamline the process.

To drive the mission, Shri Nagaraju emphasized the pivotal role of State-Level Bankers’ Committees (SLBCs), Union Territory-Level Bankers' Committees (UTLBCs), and Lead District Managers (LDMs). He encouraged these committees to collaborate with local administration, Gram Panchayats, and other community bodies to mobilize citizens for the re-KYC process. Additionally, he directed banks to deploy additional staff as needed to handle the increased workload, ensuring the re-KYC campaign runs smoothly and minimizes customer inconvenience.

Shri Nagaraju reminded banks of the dedication and enthusiasm demonstrated during PMJDY’s initial implementation and encouraged them to apply the same zeal in carrying out the re-KYC drive, reinforcing the government's commitment to financial inclusion and customer convenience.

With this campaign, the government aims to secure updated KYC information for millions of PMJDY account holders, strengthening the PMJDY framework and sustaining India's progress towards a more inclusive financial system.