M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a high-level meeting with key stakeholders today, underscoring the urgency of updating Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts through a fresh Know Your Customer (re-KYC) process. With nearly 10.5 crore PMJDY accounts opened between August and December 2014, these accounts are now due for their decadal re-KYC update, essential to maintain the validity and security of customer information.
In the meeting, Nagaraju advocated for a comprehensive approach to complete the re-KYC process efficiently. He urged banks to leverage all digital channels available — including ATMs, mobile banking, and internet banking — to simplify re-KYC updates, especially for customers in remote areas. In cases where customers report no change in their KYC details, he suggested a declaration-based approach for added convenience.
To support the campaign’s success, Nagaraju highlighted the importance of State Level Bankers Committees (SLBCs/UTLBCs) and Lead District Managers (LDMs) in mobilizing local communities. He encouraged collaboration with State and District administrations, as well as Gram Panchayats, to raise awareness and drive participation in the re-KYC process.
Acknowledging the scale of the task, Nagaraju directed banks to consider the deployment of additional staff wherever required, mirroring the dedication shown during the initial PMJDY rollout. He emphasized that, with concerted efforts, banks could prevent any inconvenience to customers and ensure a smooth transition through this re-KYC update.
As the process gets underway, banks across the nation are expected to prioritize customer convenience, embrace digital innovations, and reinforce their commitment to financial inclusion, aligning with the original mission of the PMJDY scheme.
