PMJDY Bank Accounts Update: Department of Financial Services (DFS), Secretary, M. Nagaraju, chaired a meeting with all stakeholders for carrying out a fresh Know Your Customer (re-KYC) process for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders.
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.
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What is Pradhan Mantri Jan-Dhan Yojana?
The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years.
How to open an account under the Pradhan Mantri Jan-Dhan Yojana?
If you have an Aadhaar Card/Aadhaar Number: No other documents are required. If your address has changed, just self-certify the current address.
If you do not have an Aadhaar Card: Any of the following Officially Valid Documents (OVD) is required: voter ID card, driver’s license, PAN card, passport, or NREGA card. If your address is included, these documents can be used as both proof of identity and proof of address.
If you do not have any of the above OVDs: If the bank considers you a ‘low risk’ customer, you can create an account by providing any of the following: Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, or Public Financial Institutions may provide you with an identity card that includes your image. A letter issued by a gazette officer that includes a fully authenticated picture of the individual.
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How to update KYC for a Pradhan Mantri Jan Dhan Yojana?
Use Digital Channels: Banks provide re-KYC services via ATMs, mobile banking, internet banking, and other digital channels.
OTP-based eKYC: Some banks offer an OTP-based eKYC solution.
Upload papers: You can submit the necessary papers online.
Tips for a Smooth KYC Update
- Bring original papers for verification and photocopies for submission.
- Check with your bank to confirm the exact documentation needed.
- Avoid busy hours to reduce wait times.
- Keep your contact information up to date, including your cellphone number and email address.
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SBI Drive to Activate Inoperative Account
Meanwhile, State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years.
Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly.
He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.
