The central government has given a big update regarding more than 10 crore bank accounts in the country. This update is about KYC. The central government said that more than 10 crore bank accounts in the country have to be KYCed once again. Have you not received any such message? This update is also important because if the KYC of these accounts is not updated, then the bank account can also be closed. Let us also tell you what kind of update has come from the government regarding KYC.

Their KYC has to be updated.

Financial Services Secretary M Nagaraju on Monday asked banks to adopt a new KYC (Know Your Customer) process for such Jan Dhan accounts, which have to be updated. Pradhan Mantri Jan Dhan Yojana (PMJDY) was started in 2014. During the period from August 2014 to December 2014, about 10.5 crore PMJDY accounts were opened. These accounts now have to be KYC again after 10 years. By the way, 53.13 crore Jan Dhan accounts have been opened in the country till 28 August 2024.

Instructions given to all banks

The Finance Ministry said in a statement that Nagaraju held a meeting with all stakeholders to start the KYC process afresh for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders. During the meeting, Nagaraju suggested adopting all the processes in all mediums like ATM, mobile banking, internet banking, and other available digital channels for re-KYC. He said that banks should also be ready to implement the best practices adopted by other counterpart banks.

Why is KYC necessary?

Nagaraju urged the banks to work with the same enthusiasm as at the time of the launch of the PMJDY scheme and complete the re-KYC work to avoid any inconvenience to the customers. He directed the banks to deploy additional staff wherever necessary to complete the re-KYC promptly, the statement said.