RBI Policy
Many PM Jan Dhan accounts due for KYC; banks organising camps
This story was originally published at 14:46 IST on 6 August 2025
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MUMBAI – A large number of savings bank accounts under the Pradhan Mantri Jan Dhan Yojana are due for know-your-customer updates as the scheme completes 10 years, Reserve Bank of India Governor Sanjay Malhotra said while announcing the outcome of the Monetary Policy Committee's meeting Wednesday. To facilitate this, banks are organising camps at the panchayat level from Jul. 1 to Sept. 30, providing services at the customer's doorstep, he said.
These camps will offer services, including new account opening, re-KYC, micro-insurance, and pension schemes, with a focus on financial inclusion and redressing customer grievances, the governor said.
In July, the Department of Financial Services had advised banks to contact account holders to make their accounts operative to deepen the adoption of the Pradhan Mantri Jan Dhan Yojana, Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and other welfare schemes.
The government introduced the Pradhan Mantri Jan Dhan Yojana in August 2014 to promote financial inclusion. The scheme provides universal banking services for every unbanked household. It offers account holders advantages such as a bank account without having to maintain a minimum balance, free-of-cost RuPay debit card with inbuilt accident insurance of INR 200,000, and an overdraft facility of up to INR 10,000.
As of Jun. 25, the Pradhan Mantri Jan Dhan Yojana had deposits of INR 2.60 trillion, with 556.9 million bank accounts under the scheme. End
Reported by Vaishali Tyagi
Edited by Rajeev Pai
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