Govt asks banks to do fresh KYC of PM Jan Dhan accounts due for updation

Financial Services Secretary M Nagaraju on Monday asked banks to carry out fresh KYC (know your customer) process for Jan Dhan accounts which are due for updation.

The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period from August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years.

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

During the meeting, Nagaraju suggested using all means for doing re-KYC -- such as fingerprints, face recognition, taking declarations where no change in KYC documents occurred -- through all channels like ATM, mobile banking, internet banking, and other available digital channels.

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.