&w=3840&q=100)
Banks complete re-KYC of over 1.42 mn accounts in first month of campaign
Additionally, over 600,000 new accounts have been opened under PMJDY, more than 700,000 have enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 1.2 million have enrolled under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), and around 300,000 under the Atal Pension Yojana (APY).
More than 100,000 camps were conducted during this time. The three-month drive, which started on July 1, is set to end on September 30, 2025.
The camps are also being utilized to raise awareness about unclaimed deposits and address grievances.
PMJDY was launched in August 2014 to bank the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility. As of now, over 559 million accounts have been opened under PMJDY.
Since many of the accounts are completing 10 years — after which re-KYC is mandatory — banks are conducting these Gram Panchayat-level camps over a three-month period to facilitate the re-KYC process.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
7 hours ago
- Time of India
Banks sanction Rs 4,930 cr to 34,697 borrowers under Mudra Tarun Plus as of June 2025
Banks have sanctioned over Rs 4,930 crore to 34,697 loan accounts under the newly introduced 'Tarun Plus' category of Mudra Yojana as of June 2025. With a view to incentivising successful borrowers under the Pradhan Mantri MUDRA Yojana (PMMY), a new category of Mudra Loans, namely 'Tarun Plus' was introduced in 2024-25 for those borrowers who have successfully repaid their Mudra loan under the Tarun Category, Finance Minister Nirmala Sitharaman said in a reply in the Rajya Sabha. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Under 'Tarun Plus', collateral-free loans up to Rs 20 lakh are provided to such borrowers, she said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New generation garden pools may be trending: 2025 | Garden Pools Learn More Undo As per PMMY guidelines, 34,697 loan accounts amounting to more than Rs 4,930 crore, as on June 2025, have been sanctioned under this newly introduced category, she said in reply to a question by Congress MP Randeep Surjewala. Banks, through their network, are actively reaching out to Mudra borrowers and reviewing the growth of the units through post-sanction inspections, analysis of stock statements, account transactions and renewal of credit limit, etc, she added. Live Events In reply to another question, Sitharaman said a National Mission on Financial Inclusion (NMFI), namely, Pradhan Mantri Jan Dhan Yojana (PMJDY), was launched in August 2014 to provide universal banking services for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured, and funding the unfunded. To give impetus to financial inclusion initiatives of the government, she said, PMJDY was extended beyond August 14, 2018, by making the scheme more attractive. Banks regularly conduct financial literacy camps in villages, rural and remote areas to educate customers about benefits available on RuPay Debit Card, Direct Benefit Transfer (DBT) withdrawals using RuPay Debit cards and safe digital payments instead of cash transactions, she said. Business Correspondents (BCs) are trained to help customers use RuPay Debit cards at micro-ATMs, she said. Further, she said, Banks communicate to customers regularly through SMS/email for nudging them to use their RuPay Debit cards at Point of Sale (PoS) & e-Commerce Channel. With the purpose of improving the implementation of PMJDY, Scheduled Commercial Banks, including Private Sector Banks, have been conducting regular awareness camps at the grassroots level to promote PMJDY, she said. Additionally, a review mechanism is in place to regularly monitor the implementation and effectiveness of the scheme with banks and other relevant stakeholders, she added.
Business Standard
10 hours ago
- Business Standard
Over 55.90 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana
Ministry of Finance stated in a latest update that the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 marked a significant step in banking the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility. As on date, over 55.90 crore accounts have been opened under PMJDY. The Government has undertaken several measures to ensure that credit inclusion complements deposit inclusion, with a strong focus on funding the unfunded. Further, Reserve Bank of India (RBI) mandates Priority Sector Lending (PSL) targets to ensure that credit flows to sectors such as agriculture, micro and small enterprises, weaker sections, and other underserved areas of the economy.
Business Standard
a day ago
- Business Standard
Banks complete re-KYC of over 1.42 mn accounts in first month of campaign
In the first month of the nationwide campaign by banks at the Gram Panchayat (GP) level to re-verify the KYC details of existing Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, as well as other bank accounts, the re-KYC process for over 1.42 million bank accounts has been completed. Additionally, over 600,000 new accounts have been opened under PMJDY, more than 700,000 have enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 1.2 million have enrolled under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), and around 300,000 under the Atal Pension Yojana (APY). More than 100,000 camps were conducted during this time. The three-month drive, which started on July 1, is set to end on September 30, 2025. The camps are also being utilized to raise awareness about unclaimed deposits and address grievances. PMJDY was launched in August 2014 to bank the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility. As of now, over 559 million accounts have been opened under PMJDY. Since many of the accounts are completing 10 years — after which re-KYC is mandatory — banks are conducting these Gram Panchayat-level camps over a three-month period to facilitate the re-KYC process.
