SBI's Nationwide Campaign: Revive Dormant Accounts

The State Bank of India has initiated a national campaign to promote awareness of the importance of activating inoperative accounts, requiring Re-KYC. SBI aims to prevent accounts from becoming dormant through regular transactions. Chairman C S Setty stresses Re-KYC to keep PMJDY accounts active and enhance customer experience.

The State Bank of India (SBI) announced a nationwide initiative aimed at raising awareness about the necessity of activating inoperative accounts. Accounts are deemed inoperative if they see no transactions for over two years, highlighting the importance of regular activity.

Reviving these accounts necessitates Re-KYC procedures to prevent them from becoming dormant. SBI emphasized the need for ongoing transactions to avoid falling into an inoperative status.

Chairman C S Setty underlined the importance of conducting Re-KYC activities thoroughly to maintain PMJDY accounts in active status, urging Business Correspondents to leverage technology to reach more customers and improve their banking experience.

(With inputs from agencies.)