With the launch of Pradhan Mantri Jan Dhan Yojana, crores of poor people of the country were connected to the banking system. When this scheme was launched 11 years ago, its objective was to provide a bank account to every citizen, whether he has an initial balance or not. Through this, crores of zero-balance accounts have been opened so far, and the benefits of various government schemes are being directly delivered to the beneficiaries.
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Why is the KYC update necessary?
According to banking rules, it is mandatory to update the information of every account every 10 years. This is called the KYC, i.e., “Know Your Customer” process. If the account holders do not get their KYC done on time, then their accounts may also be closed. RBI Governor Sanjay Malhotra has also made it clear that it is mandatory to update the KYC of Jan Dhan accounts after completion of 10 years.
Camps started at the Panchayat level
Keeping in mind the convenience of the account holders, special camps are being organized at the Panchayat level from July 1 to September 30. In these camps, people can easily get KYC done without visiting bank branches. Not only KYC facility available in these camps, but new accounts are also being opened, and any problem related to old accounts is also being resolved.
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Easy KYC process
The process of KYC has been kept very simple. The account holder only has to go to the bank branch or camp with an identity card and address proof. The most used document is the Aadhaar card. After Aadhaar verification, the bank updates your account information, and your account remains active. This also ensures that the accounts whose holders are no longer alive or have not been operating the account for a long time can be closed.
