Jan Dhan Account KYC: According to Reserve Bank regulations, it is mandatory to re-KYC after 10 years of account opening. Therefore, all Jan Dhan account holders have been instructed to re-KYC before September 30th.
Bank Account KYC: If you have a bank account under the Pradhan Mantri Jan Dhan Yojana, this news is very important for you. You must complete your re-KYC by September 30th, or your account may be closed. This is necessary under RBI regulations, which clearly state that re-KYC is mandatory for all accounts older than 10 years.
The Pradhan Mantri Jan Dhan Yojana was launched in 2014. Under this scheme, 559 million accounts have been opened in banks so far. Of these, 100 million accounts are more than ten years old. If you are also included in this scheme, complete your re-KYC before October 1st to continue your membership.
Government Campaign
The government has been conducting a KYC drive at the Panchayat level since July 1st. You can also participate until September 30th. This is mandatory, otherwise the bank may close your account. This will prevent you from availing government subsidies. According to media reports, camps have been set up in nearly 100,000 Gram Panchayats so far, and millions of people have updated their details.
Why Re-KYC is Necessary
KYC helps prevent fraud and ensure the smooth functioning of banking services. Re-KYC is a simple process in which you update your bank details, such as your name, address, and photo. Account holders opened in 2014-2015 will need to undergo re-KYC, as the KYC validity for these accounts is 10 years. This process is necessary to keep the account active.
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