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

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

In the 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 other digital platforms.

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

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

He further directed banks to deploy additional staff wherever necessary to complete the re-KYC in a time-bound manner, the statement added.

(with agency inputs)