DFS Secretary Directs Banks to Update KYC for PM Jan Dhan Accounts

New Delhi: On Monday, Financial Services Secretary M Nagaraju instructed banks to conduct fresh KYC (Know Your Customer) procedures for Jan Dhan accounts that are due for updation.

Launched in 2014, PMJDY saw opening of around 10.5 crore accounts in mission mode between August and December 2014. After 10 years, se accounts are now due for periodic updation or re-KYC.

Nagaraju chaired a meeting with all stakeholders to discuss fresh Know Your Customer (re-KYC) process for Prhan Mantri Jan Dhan Yojana (PMJDY) account holders, according to a finance ministry statement.

In meeting, Nagaraju recommended utilizing all available methods for re-KYC, including fingerprints, face recognition, and declarations for unchanged KYC documents, across channels like ATM, mobile banking, internet banking, and or digital platforms.

Banks should also look forward to implement best practices opted by or peer banks, he said.

Nagaraju also urged banks to work with same zeal as shown by m during launch of PMJDY scheme and complete task of re-KYC in a mission mode to avoid any inconvenience to customers.

He furr directed banks to deploy ditional staff wherever necessary to complete re-KYC in a time-bound manner, statement ded.

(with agency inputs)