If you also have a Jan Dhan account, then this news is very important for you. Reserve Bank of India (RBI) Governor Sanjay Mahotra has recently announced that special camps will be organized at the panchayat level till September 30 so that Jan Dhan accounts can be updated. In these camps, account holders will be able to get their re-KYC done, so that there is no hindrance in taking advantage of government schemes. Also, the RBI has made some important announcements related to bank lockers and accounts.
What is re-KYC, and why is it necessary
Re-KYC (Know Your Customer) is a simple process, also called ‘Know Your Customer’. In this, you update your personal and address information (such as name, address, mobile number, etc.) in your bank account. This is important to ensure that the bank has your latest and correct information. If your KYC has expired or there is any change in your information (such as a change of address), then you should give the bank a call. If you do not do this, you will not be able to follow the banking rules, and your banking services may be disrupted.
Main Benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana is a national scheme aimed at providing affordable and accessible banking facilities to every citizen of the country. Its goal is to provide services like savings accounts, money transfer facilities, loans, insurance, and pensions to the poor and people deprived of banking services. Under this scheme, a person who does not already have a bank account can open a savings account for free at any bank branch or bank counter.
RBI’s major announcements on monetary policy and the economic situation
RBI Governor Sanjay Mahotra on Wednesday, August 6, announced to keep the repo rate intact at 5.5%. Also, he said to keep the monetary policy stance ‘neutral’. Apart from this, the SDF rate has been kept unchanged at 5.25% and the MSF rate at 5.75%.
The country’s GDP growth forecast
Despite global challenges, RBI has retained India’s GDP growth forecast for FY26 at 6.5%. This shows that the Indian economy remains strong despite external pressures. The estimates every quarter are as follows:
First quarter (Q1): 6.5%
Second quarter (Q2): 6.7%
Third quarter (Q3): 6.6%
Fourth quarter (Q4): 6.3%
RBI’s claim on inflation and the state of the banking system
Retail inflation rate (CPI) fell to 2.1% in June 2025, the lowest in the last 77 months. This is due to improvements in agriculture and a decline in food inflation due to government measures. RBI has lowered the inflation forecast for FY26 to 3.1%.
The governor also said that the availability of cash in the banking system is adequate, and it will improve further after the reduction in CRR is implemented from September. The credit-deposit ratio (CD Ratio) stood at 78.9% as of June 2024, which is equal to last year. Last year, banks gave 12.1% loans, which is higher than the average of the last 10 years.