Finance ministry directs major PSBs to fast-track re-KYC verification

Out of 53.9 crore Pradhan Mantri Jan-Dhan Yojana accounts, 11.2 crore are inoperative and 10.5 crore accounts are pending for re-KYC

The finance ministry has instructed all major public sector banks to submit their action plans by the end of the month for completing the pending re-know your customer (re-KYC/e-KYC), according to a senior government official familiar with the matter.

 

“The government also directed lead banks to coordinate with gram panchayats to mobilise people for completing the re-KYC process. Moreover, the finance ministry has instructed senior management of banks to set up dashboards for regular monitoring of pending re-KYC cases and conduct regular reviews with field staff,” said the official.

 

Out of 539 million Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts, 112