KYC to be done again in ten year old Jan Dhan accounts

New Delhi| Financial Services Secretary M Nagaraju directed banks to do fresh KYC (Know Your Customer) of 10-year-old Jan Dhan accounts. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014. Around 10.5 crore Jan Dhan accounts were opened during August, 2014 to December, 2014. These accounts now have to be KYC again after 10 years.

Nagaraju held a meeting with all stakeholders to launch the fresh KYC process for account holders of Pradhan Mantri Jan Dhan Yojana, the Finance Ministry said in a statement. In the meeting, it was suggested to adopt all the procedures for doing KYC again in all mediums like ATM, mobile banking, internet banking and other available digital channels.

The Secretary asked the banks to work with the enthusiasm at the time of launch of PMJDY scheme and complete the KYC work again to avoid any inconvenience to the customers. If necessary, deploy additional staff for this. He said that banks should also be ready to implement the best practices adopted by other counterpart banks.