Latest news with #Jan-dhanScheme
Mint
4 days ago
- Business
- Mint
Jan Dhan account re-KYC: How to do it? RBI Governor Sanjay Malhotra shares crucial update
The Reserve Bank of India on Wednesday flagged that a number of Pradhan Mantri Jan Dhan Yojana accounts are due for a re-KYC as the scheme has completed 10 years. In his MPC statement, RBI Governor Sanjay Malhotra said that camps are being organised by banks for customers to complete their re-KYC. Launched in 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has approximately 56 crore accounts under its wing so far. The accounts that have been opened in 2014 and 2015 have become due for periodic updation or re-KYC as they have completed 10 years, as per rules. 'As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC,' Malhotra said. Malhotra said that banks are organising three-month long camps from July 1 to September 30 to do re-KYC for Jan Dhan accounts that are due for updating. 'The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps,' Malhotra said. Jan Dhan account holders with outdated KYC can visit these camps to update their details. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress, Sanjay Malhotra said. He highlighted the effort as part of a broader push to strengthen last-mile access to financial services. 'The camps are aimed at bringing services to customers' doorsteps,' the RBI governor said. Re-KYC, or periodic updating of Know Your Customer details, is the process through which you can share your latest information like address and personal details with your bank. If your KYC has expired or you need to update any detail, you need to contact your bank to keep your account active and compliant. The Pradhan Mantri Jan Dhan accounts also fall under this ambit. They have multiple benefits including zero-balance savings accounts, interest on deposits, a RuPay debit card with accident insurance, and overdraft facilities of up to ₹ 10,000 among others. Jan Dhan accounts are also used by the masses for receiving subsidies through Direct Benefit Transfer.
India.com
4 days ago
- Business
- India.com
RBI To Standardise Claim Settlement Process For Deceased Customers Bank Accounts, Safe Deposit Lockers
Mumbai: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday announced the standardisation of procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers. Announcing the RBI August Bi-monthly policy, Governor Malhotra said, "We Will be standardising the procedure for settlement of claims in respect of bank accounts and articles kept in safe custody or, in other words, safe deposit lockers of deceased Bank customers. This is expected to make settlement of such claims more convenient and simpler. Malhotra announced three Additional Measures in today's RBI Policy. "Before I conclude, let me underline that for us at RBI, the interest and welfare of the citizens of India is foremost. It is the people of India, including those at the bottom of the pyramid, who are our raison detre, or the reason of our being. In this regard, I have three consumer-centric announcements to make," he said. One, as Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC. The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress. The second one on standardization of claim settlement process for deceased customers. Third is the expanding of functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans.
Indian Express
4 days ago
- Business
- Indian Express
Jan Dhan re-KYC to SIPs for treasury bills: The 3 key announcements for consumers by RBI governor Sanjay Malhotra
Reserve Bank of India Governor Sanjay Malhotra on Wednesday made a series of announcements that were consumer centric in nature, after sharing the monetary policy committee's decision to keep the repo rate unchanged at 5.50 per cent. RBI Governor Malhotra announced that bank accounts opened under the PM Jan Dhan Yojana will be up for an update of accountholders' KYC (know-your-customer norms). In another key announcement, he stated that the central bank will standardise the process for claims on accounts of deceased persons. Moreover, investors will now be able to buy Indian treasuries in SIP mode, he said. Find out more here: As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC (know your customer) . The banks are organising camps at Panchayat level from July 1 to September 30, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress. Governor Malhotra said that the central bank will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. 'With a view to enhance customer service standards, it has been decided to streamline the procedures and standardise the documentation to be submitted to the banks,' Malhotra said. The RBI will soon be issuing a draft circular on this for public consultation. Malhotra said that the RBI is expanding the functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans. 'To enable investors to systematically plan their investments, an auto-bidding facility for treasury bills (T-bills), covering both investment and re-investment options, has been enabled in Retail Direct,' the governor said. The new functionality will help investors to mandate automatic placement of bids in primary auctions of T-bills. The Retail Direct portal was launched in November 2021 to facilitate retail investors to open their Gilt accounts with the Reserve Bank under the Retail Direct Scheme.
Mint
4 days ago
- Business
- Mint
RBI Governor Sanjay Malhotra announces THESE consumer centric moves: re-KYC, Jan Dhan accounts, locker settlement & more
Reserve Bank of India Governor Sanjay Malhotra on August 6 announced three consumer centric decisions along with the monetary policy committee (RBI MPC) outcome today. He added that these are aimed at the interest and welfare of citizens, including those at the bottom of the pyramid. 'Let me underline that for us at RBI, the interest and welfare of the citizens of India is foremost. It is the people of India, including those at the bottom of the pyramid, who are our raison detre, or the reason of our being. In this regard, I have three consumer-centric announcements to make,' Sanjay Malhotra stated. Camps for re-KYC for Jan Dan accounts, micro insurance and pension schemes: As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC. The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress. As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC. The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress. Settlement of account claims, locker items for deceased family: RBI to standardise claim settlement in respect of accounts and articles kept in bank lockers. Governor Sanjay Malhotra said, 'Wwe will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make settlement more convenient and simpler.' RBI to standardise claim settlement in respect of accounts and articles kept in bank lockers. Governor Sanjay Malhotra said, 'Wwe will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make settlement more convenient and simpler.' RBI Retail-Direct platform expansion: Malhotra said that the RBI is expanding functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans. RBI Governor Sanjay Malhotra on August 6 announced that the central bank's monetary policy committee meet has decided to keep repo rates unchanged at 5.50 per cent. Further, the policy stance will also remain unchanged as 'Neutral', he added. With regard to inflation forecast, the governor lowered the projection to 3.1 per cent from the earlier estimate of 3.7 per cent for the current financial year. The decision comes as the central bank has already frontloaded easing through both a rate cut and a 100 basis points (bps) CRR reduction earlier this year. Headed by Sanjay Malhotra, this is the RBI's third bi-monthly monetary policy of FY26, which met from August 4 to August 6. The MPC consists of three RBI officials -- Sanjay Malhotra (Governor), Poonam Gupta (Deputy Governor), Rajiv Ranjan (Executive Director) -- and three external members -- Nagesh Kumar (Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi), Saugata Bhattacharya (Economist), and Ram Singh (Director, Delhi School of Economics).
