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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.