The Reserve Bank of India (RBI) Deputy Governor, M Rajeshwar Rao, recently commended the performance of banks in Jharkhand in the ongoing re-KYC (Know Your Customer) drive. The drive, which began on July 1, aims to update customer information and promote financial inclusion. Rao attended a special camp in Ormanjhi Panchayat Bhavan, where he encouraged senior bank officials to participate and supervise the drive, ensuring that villagers are informed in advance and that the administration and gram panchayats are involved to facilitate mass participation.
Rao emphasized that the re-KYC program has been simplified, and banking correspondents are now allowed to speed up the process. He noted that the campaign is crucial for inclusive service delivery and that the RBI is committed to ensuring that no customer is left behind. At the national level, there are approximately 7 crore pending re-KYC cases, with an additional 3.63 crore expected to be added this year, bringing the total target to 10.63 crore.
In Jharkhand, the re-KYC target is 1.14 crore. Rao encouraged villagers to participate in the camps in large numbers, highlighting the importance of keeping bank accounts updated to receive uninterrupted banking services. He also emphasized that financial inclusion is a key objective of the re-KYC drive, aiming to connect people with the financial system and enable them to access its benefits.
The Regional Director of RBI, Ranchi, Prem Ranjan Prasad Singh, reported that special efforts have been made in Ranchi since October last year, resulting in the completion of re-KYC in over 12 lakh accounts. Singh noted that Jharkhand’s performance in this regard has been remarkable, demonstrating the state’s commitment to financial inclusion. The RBI’s efforts to promote financial inclusion and update customer information are expected to have a positive impact on the state’s economy and its citizens.