Re-KYC Process for Jan Dhan Accounts

Swaminathan Janakiraman, RBI deputy governor, has highlighted the necessity for around 10 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts to undergo the re-KYC process this year. This initiative aims to safeguard account holders from potential fraud and misuse.

Importance of Re-KYC

"KYC provides a protection layer. None can misuse your accounts, and it protects your hard-earned savings from fraudsters," Janakiraman explained. He emphasized that while the re-KYC process might seem cumbersome, its benefits in protecting savings and ensuring the nation's growth are undeniable.

Financial Inclusion Efforts

The announcement was made during the ‘Financial Inclusion Saturation Programme' in Thirukandalam village, highlighting the RBI's commitment to financial security and inclusion. The event also focused on enrolling customers under flagship schemes like PMJJBY and PMSBY.

Binod Kumar, MD & CEO of Indian Bank, noted the high credit-deposit ratio in Tamil Nadu, reflecting the state's awareness and credit needs.