Outlook Business Desk
During the latest Monetary Policy Committee (MPC) briefing, Reserve Bank of India (RBI) Governor Sanjay Malhotra highlighted that a significant number of Jan Dhan accounts have completed 10 years and now require mandatory re-KYC to remain operational. Banks have already begun outreach efforts to ensure compliance.
The RBI has flagged that many Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are now due for re-KYC, as the scheme completes 10 years. Banks have initiated the process to update older accounts.
Account holders who opened their PMJDY accounts in 2014 or 2015 are most affected, as their KYC details are now due for mandatory 10-year renewal. Customers must check with their banks and act promptly, said Malhotra.
After highlighting the need for re-KYC, Governor Sanjay Malhotra also shared that banks are now holding re-KYC camps from 1 July to 30 September 2025, mainly at the panchayat level. These doorstep services help Jan Dhan account holders update details without needing to visit branches.
These camps are not just a convenience; they are critical for financial inclusion. By offering services at local levels, banks are ensuring that even remote or underserved citizens can stay connected to formal banking channels and access essential banking services while avoiding account closure or service disruption.
Re-KYC involves updating your latest personal details—like address or ID—with the bank. If not done, the account may be restricted. It’s a mandatory compliance step for continued access to banking services and is especially relevant for long-term and regular Jan Dhan account users.
PMJDY accounts offer multiple benefits like zero-balance savings, RuPay debit card, accident insurance, interest on deposits, and overdraft up to ₹10,000. They also serve as the primary platform to receive subsidy transfers under the government's Direct Benefit Transfer (DBT) schemes.
These re-KYC camps are not just for document updates. Governor Malhotra said they also promote micro insurance, pension schemes, and grievance redressal, making them a key step in India’s broader push for financial inclusion.
By bringing services directly to villages and small towns, the RBI’s initiative aims to strengthen last-mile delivery of banking services. The focus is on convenience, inclusion, and ensuring that no citizen is cut off from formal banking channels.