Over 55.90 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana
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New Indian Express
8 hours ago
- New Indian Express
10 crore Jan Dhan accounts need re-KYC: RBI
CHENNAI: Reserve Bank of India deputy governor Swaminathan Janakiraman said the number of accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) since its launch in 2014-15 has reached 55 crore, but nearly 10 crore of them require mandatory Know Your Customer (KYC) updates after a decade in operation. Speaking at Indian Bank's 2,664th 'Financial Inclusion Saturation Programme' at Thirukandalam in Tiruvallur, Janakiraman warned that delays in re-KYC could inconvenience account holders and heighten the risk of misuse. 'This will create trust between you and the banks and ensure your account cannot be illegally used. Your hard-earned money and government scheme benefits will remain safe,' he said. The Union government and RBI have launched a nationwide drive to update records in every gram panchayat, with public sector banks treating the campaign - running from July 1 to September 30 - as a 'festival of financial inclusion.' The deputy governor linked the push to broader changes in India's financial landscape, from Aadhaar-linked accounts to the rapid adoption of mobile payments. At the Saturday's event, attended by more than 2,000 residents, re-KYC was completed for 350 people, and dozens were enrolled in social security schemes. Indian Bank MD and CEO Binod Kumar said the bank remained committed to 'bringing banking to the doorstep of every citizen', adding that while the credit-deposit (CD) ratio in most states is below 100%, it exceeds 160% in Tamil Nadu. 'Even our bank's CD ratio stands at 100%,' he noted. Tiruvallur collector M Prathap said a bank account serves as an identity, just like an Aadhaar card, and urged people to update their KYC details. He added that the state is holding camps to help beneficiaries - from old-age pensioners to women's self-help groups - update their records and access funds. IOB executive director Joydeep Dutta Roy reported that 9.5 lakh people in Tamil Nadu have been covered under the three-month programme so far, with 1.8 lakh completing re-KYC.
Time of India
11 hours ago
- Time of India
India's education system transformed in last few years: Min
1 2 Berhampur: Union education minister Dharmendra Pradhan on Saturday said the country's higher education ecosystem has transformed a lot in the last few years, and India has become the favourite destination of global educational institutions. While several global institutes have opened their campuses in the country, others are in the pipeline. Some of our institutes also opened their campuses in foreign countries. IIM Ahmedabad will soon open its campus in Dubai, said Pradhan, while addressing the convocation at the Indian Institute of Science Education and Research (IISER), Berhampur. Highlighting the growth of education in the country, he said the total enrolment of students touched around 4.46 crore in 2022-23, a 30% increase since 2014-15. The female enrolment during the period grew by around 38 to 40%. "This indicates the govt's commitment towards inclusive education," he said. The govt implemented the New Education Policy-2020, keeping an eye on achieving India as a developed nation by 2047—the Viksit Bharat, call of the Prime Minister Narendra Modi. Urging the students to become "job creators and not be job-seekers," he said they should be involved in innovation. Addressing the convocation of Berhampur University earlier, he urged the students to work hard to achieve the Viksit Odisha and Viksit Bharat in 2036 and 2047, respectively, as called by the Prime Minister Narendra Modi to make Bharat number one in economics in the world. Odisha will celebrate its centenary of statehood in the next 11 years, while the country celebrates its centenary of achievement of freedom in 2047. The young students should play a key role in achieving the Viksit Odisha and Viksit Bharat in the next 11 and 22 years, said Pradhan. University is not an institute to teach, but it should be involved in research and evolve innovations, he said. Governor Hari Babu Kambhampati addressed the convocations of both the institutes and highlighted the growth of the education ecosystem of the country in the last few years, which makes it flexible and innovation-driven. Ashok Kumar Ganguli, director, IISER Berhampur, highlighted the achievements of the institute. In the convocation, 136 BS-MS, one MS degree, and 22 PhD students received their degrees. The governor inaugurated the state-of-the-art "central advanced instrumentation facility" on the IISER campus. Berhampur University awarded honorary to Ajit Kumar Mohanty, secretary, Department of Atomic Energy and Chairman, Atomic Energy Commission, Tessy Thomas, former Director General, Aeronautical Systems, DRDO and known as the "Missile Woman of India," and Raimati Ghiuria, seed custodian, well known as Millet Queen. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Time of India
20 hours ago
- Time of India
Ten crore Jan Dhan accounts should undergo re-KYC process: RBI deputy governor
Swaminathan Janakiraman CHENNAI: Around 10 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts should undergo re-KYC process this year, RBI deputy governor Swaminathan Janakiraman said. "There have been 55 crore PMJDY accounts since the scheme was launched in 2014-15. Out of this, 10 crore accounts are completing 10 years, which needs re-KYC," he said at the 'Financial Inclusion Saturation Programme' organised by Indian Bank at Thirukandalam village in Tiruvallur district on the outskirts of Chennai on Saturday. The camp primarily focused on re-KYC in the PMJDY accounts and enrolment of customers under flagship schemes including PMJJBY and PMSBY. "KYC provides a protection layer. None can misuse your accounts, and it protects your hard-earned savings from fraudsters. The re-KYC process may appear to be a regular and at times cumbersome process. But, if you analyse in-depth, you may understand that it is beneficial to everyone," he said. Nation's growth must be beneficial to all, he added. Binod Kumar, MD & CEO, Indian Bank, said the average credit-deposit (CD) ratio in Tamil Nadu was 160%, while the ratio was less than 100% in several states. "This highlights the awareness and credit requirement of people in Tamil Nadu," he said. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
