‘RBI’s campaign for financial inclusion saturation plan, re-KYC covers a third of total gram panchayats’

The Reserve Bank of India’s (RBI) nation-wide campaign for saturation of financial inclusion (FI) schemes and re-KYC at gram panchayat level has achieved one-third coverage of the targeted area. 

During the first month of campaign which started on July 1 and continue till September 30, saw 1.05 lakh camps being conducted in the GPs.

During this period, more than six lakh PMJDY accounts were opened, and seven lakh plus enrolments under PMJJBY took place with approximately 12 lakh enrolments under PMSBY and three lakh enrolments under APY, according to data provided by the RBI. 

Re-KYC has been done in 14.22 lakh bank accounts through the camp mode. The camps are conducted by various commercial banks. 

As part of the campaign, banks are holding camps at GP level to provide these services at the door step for re-verification of KYC of existing Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts as well as other bank accounts, opening of PMJDY accounts for unbanked adults and enrolment under social security schemes, i.e., Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojaya (PMSBY) and Atal Pension Yojana (APY).

The camps are also being utilised to create awareness about unclaimed deposits and to redress grievances.

The local administrative machinery is supporting the initiative and Department of Financial Services (DFS), Government of India and Reserve Bank of India are monitoring the progress closely.

Given the magnitude of the coverage to be achieved over the ensuing months, banks have been permitted to use the services of Business Correspondents in the re-KYC process. 

Accordingly, BCs are also participating in the camps along with banks present in the GPs to facilitate customers in updating their KYC status.