Latest news with #FinancialInclusionSaturationProgramme
New Indian Express
5 days ago
- Business
- 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
5 days ago
- Business
- 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 .
