The finance ministry has instructed all major public sector banks to submit their action plans by the end of the month for completing the pending re-know your customer (re-KYC/e-KYC), according to a senior government official familiar with the matter.
"The government also directed lead banks to coordinate with gram panchayats to mobilise people for completing the re-KYC process. Moreover, the finance ministry has instructed senior management of banks to set up dashboards for regular monitoring of pending re-KYC cases and conduct regular reviews with field staff," said the official.
Out of 539 million Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts, 112 million are inoperative and 105 million accounts are pending for re-KYC.
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