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FinMin pushes banks to clear re-KYC backlog
Business Standard
|November 21, 2024
PSBs to submit their action plans by end of the month
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 million are inoperative and 105 million accounts are pending for re-KYC.
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