Prime Minister Jan Dhan Yojana: The Center has instructed banks to issue new e-KYC for 10.5 crore Prime Minister Jan Dhan Yojana account holders who have completed 10 years. Department of Financial Services (DFS) Secretary M Nagaraju chaired a meeting attended by all stakeholders to discuss the re-KYC process for Pradhan Mantri Jan Dhan Yojana account holders.

Around 10.5 crore PMJDY accounts were opened in duty mode from August to December 2014, when PMJDY was launched in 2014, the finance ministry said in a statement earlier this week. These accounts now require periodic updates or re-KYC after 10 years.

“PMJDY was launched in 2014 and around 10.5 crore PMJDY accounts were opened in duty mode from August 2014 to December 2014. These PMJDY accounts need to be updated periodically or KYCed again after 10 years,” the government said in a statement. Monday (November 11).

The PMJDY program facilitates the opening of a single basic savings bank account for people without prior banking access. PMJDY accounts do not require a mandatory minimum balance, and account holders earn interest on their deposits.

During the meeting, Nagaraju suggested using various methods to carry out re-KYC, including fingerprinting, facial recognition and requesting declarations when there is no change in KYC documents.

These processes need to be carried out through all available channels such as ATMs, mobile banking, internet banking and other digital platforms. Nagaraju emphasized the importance of banks adopting best practices implemented by their industry peers.

He urged banks to approach the re-KYC process with the same dedication shown during the launch of the PMJDY scheme and ensure that customers are not inconvenienced. Nagaraju directed banks to allocate additional staff as needed to expedite the re-KYC process by following a strict timeline.

How to update KYC information?

KYC (Know Your Customer) plays a crucial role in the banking industry by verifying customers’ identities and protecting against fraud, money laundering and other illegal activities. After a decade of service, the KYC update enables banks to verify the latest information of account holders, ensuring that records are accurate and up-to-date. This process not only increases the security of accounts, but also makes it easier to provide excellent service to customers.

To update KYC details, you must provide valid ID and address proof. The following documents will be required for the update: Aadhaar card, voter ID card, PAN card, passport or driving license.

Aadhaar card, utility bill (not older than 3 months), bank statement, voter ID or passport as proof of address. Anything can be used from this.

You also need to update the phone number or email address. You will also need a current photo.

Individuals can go to any bank branch to submit the documents required for account opening. Upon arrival, account holders will need to fill out a form. Once the form is submitted, it will be reviewed and the information will be updated in the database.

Pradhan Mantri Jan Dhan Yojana (PMJDY), considered the largest financial inclusion initiative globally, was introduced by Prime Minister Narendra Modi in his speech at the Red Fort on August 15, 2014. The program was officially launched nationwide on August 28, 2014.

Public sector banks opened the majority of Jan Dhan accounts totaling 42 crore, followed by regional rural banks with 10 crore accounts and private sector banks with 1.66 crore Jan Dhan accounts.