Latest news with #Janakiraman
New Indian Express
2 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.
India.com
2 days ago
- Business
- India.com
RBI Deputy Governor Bats For Financial Literacy Alongside Banking Access
New Delhi: Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman on Saturday highlighted that true financial inclusion goes beyond expanding banking access, stressing the need to empower citizens through financial literacy. Speaking at the Indian Bank-hosted 'Financial Inclusion Saturation' programme, Janakiraman said programmes like Re-KYC camps help people enhance their quality of life and support the nation's economic development in addition to making banking services more accessible. Customers can update their Know Your Customer (KYC) information through the Re-KYC drive without physically visiting bank branches, which the RBI official said is especially helpful for underserved and rural communities. Indian Bank, which hosted the camp, said the outreach focused on updating KYC for Pradhan Mantri Jan Dhan Yojana account holders, while also promoting enrolment under two flagship social security schemes -- the Pradhan Mantri Jeevan Jyoti Bima Yojana, a renewable term life insurance plan, and the Pradhan Mantri Suraksha Bima Yojana, offering personal accident cover against death or disability. Applauding the bank's efforts, Janakiraman said such proactive measures bring essential services closer to citizens, reducing the burden on customers and boosting participation in the formal financial system. Indian Bank Managing Director and CEO, Binod Kumar, reaffirmed the lender's goal of 'bringing banking to the doorstep of every citizen' and enabling broader participation in India's growth story. More than 2,000 members of the local community participated in Tiruvallur's Financial Inclusion Saturation program, which received a positive response. A wide range of individuals, including farmers, self-help group members, students, and senior citizens, attended the event, demonstrating the initiative's broad appeal and pertinence. Nearly 350 clients successfully finished their Re-KYC updates during the event, removing the need for them to visit bank branches and highlighting the camp's contribution to improving accessibility and convenience.
Time of India
2 days ago
- Business
- Time of India
Financial inclusion must focus on literacy, not just access: RBI deputy governor
AI image Financial inclusion is about more than just providing access to banking — it's about equipping people with the knowledge to improve their lives, Reserve Bank of India Deputy Governor Swaminathan Janakiraman said on Saturday. Speaking at the Financial Inclusion Saturation programme organised by Indian Bank in Tiruvallur district, Janakiraman said initiatives like Re-KYC camps help citizens complete mandatory procedures without visiting branches, while also strengthening financial literacy, PTI reported. 'Financial inclusion is not just about providing banking access but also about enabling individuals to improve their lives through financial literacy and contribute to the country's economic growth,' he said in a statement issued by Indian Bank. 'This saturation campaign is significant as it helps the general public complete their Re-KYC without necessitating a branch visit.' The camp primarily catered to Pradhan Mantri Jan Dhan Yojana account holders and facilitated enrolment in key financial inclusion schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). PMJJBY offers a one-year renewable term life cover, while PMSBY provides one-year accident insurance against death or disability. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Flexible MBA by SRM—Apply Now! SRM Online Apply Now Undo Janakiraman lauded Indian Bank's proactive approach in conducting the programme. Indian Bank MD and CEO Binod Kumar said the bank was 'committed to bringing banking to the doorstep of every citizen and enabling full participation in the nation's progress.' More than 2,000 community members — including farmers, self-help group members, students, and senior citizens — took part, with Re-KYC completed for nearly 350 people during the event. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Mint
2 days ago
- Business
- Mint
Financial inclusion is about literacy, not just access: RBI Deputy Governor
Chennai, Aug 9 (PTI) Reserve Bank of India Deputy Governor Swaminathan Janakiraman on Saturday said financial inclusion initiatives, such as conducting Re-KYC camps, go beyond providing banking access—they empower customers through financial literacy. Speaking at the Financial Inclusion Saturation programme organised by city-headquartered Indian Bank in Tiruvallur district, Janakiraman emphasised the significance of such events, which enable the public to complete Re-KYC (Know Your Customer) without visiting bank branches in person. In a press release issued by Indian Bank, the RBI Deputy Governor said, "Financial inclusion is not just about providing banking access but also about enabling individuals to improve their lives through financial literacy and contribute to the country's economic growth." He added, "This saturation campaign is significant as it helps the general public complete their Re-KYC without necessitating a branch visit." The Chennai-based Indian Bank said the camp primarily focused on Re-KYC for Pradhan Mantri Jan Dhan Yojana accounts and enrolment under financial inclusion schemes of the Department of Financial Services—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The PMJJBY is a one-year renewable term life insurance scheme, while PMSBY offers one-year personal accident insurance covering death or disability due to accidents. Janakiraman appreciated Indian Bank for its proactive efforts in conducting the programme and ensuring financial accessibility for eligible citizens. Indian Bank MD and CEO Binod Kumar said, "We remain committed to bringing banking to the doorstep of every citizen and enabling full participation in the nation's progress." More than 2,000 members of the local community, including farmers, self-help groups, students, and senior citizens, participated in the event. Re-KYC was completed for nearly 350 people during the camp. Tiruvallur District Collector M Prathap, Indian Bank Executive Directors Ashutosh Choudhury and Shiv Bajrang Singh, along with senior bank officials, were also present.
Time of India
2 days ago
- Business
- Time of India
Financial inclusion is about literacy, not just access: RBI Deputy Governor
Chennai: Reserve Bank of India Deputy Governor Swaminathan Janakiraman on Saturday said financial inclusion initiatives, such as conducting Re-KYC camps, go beyond providing banking access-they empower customers through financial literacy . Speaking at the Financial Inclusion Saturation programme organised by city-headquartered Indian Bank in Tiruvallur district, Janakiraman emphasised the significance of such events, which enable the public to complete Re-KYC (Know Your Customer) without visiting bank branches in person. 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 In a press release issued by Indian Bank, the RBI Deputy Governor said, "Financial inclusion is not just about providing banking access but also about enabling individuals to improve their lives through financial literacy and contribute to the country's economic growth ." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The 5 Books Warren Buffett Recommends You To Read in 2025 Blinkist: Warren Buffett's Reading List Undo He added, "This saturation campaign is significant as it helps the general public complete their Re-KYC without necessitating a branch visit." The Chennai-based Indian Bank said the camp primarily focused on Re-KYC for Pradhan Mantri Jan Dhan Yojana accounts and enrolment under financial inclusion schemes of the Department of Financial Services-Pradhan Mantri Jeevan Jyoti Bima Yojana ( PMJJBY ) and Pradhan Mantri Suraksha Bima Yojana ( PMSBY ). Live Events The PMJJBY is a one-year renewable term life insurance scheme, while PMSBY offers one-year personal accident insurance covering death or disability due to accidents. Janakiraman appreciated Indian Bank for its proactive efforts in conducting the programme and ensuring financial accessibility for eligible citizens. Indian Bank MD and CEO Binod Kumar said, "We remain committed to bringing banking to the doorstep of every citizen and enabling full participation in the nation's progress." More than 2,000 members of the local community, including farmers, self-help groups, students, and senior citizens, participated in the event. Re-KYC was completed for nearly 350 people during the camp. Tiruvallur District Collector M Prathap, Indian Bank Executive Directors Ashutosh Choudhury and Shiv Bajrang Singh, along with senior bank officials, were also present.
