New Delhi: The State Bank of India (SBI) has initiated a nationwide campaign to address the issue of dormant savings and current accounts. Accounts are classified as inoperative when no transactions occur for over two years, requiring reactivation through updated Know Your Customer (KYC) procedures.
In a statement released on Saturday, SBI highlighted the importance of keeping accounts active to facilitate seamless transactions for customers. The bank emphasized the necessity for account holders to ensure regular activity in their accounts to avoid dormancy.
SBI Chairman C.S. Setty underscored the significance of streamlining the Re-KYC process to keep Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts functional. He stressed the importance of ensuring that last-mile customers, particularly in rural and underserved areas, remain connected to the banking ecosystem. Business Correspondents have been urged to leverage technology to assist customers in reactivating their accounts and maintaining account activity.
This initiative comes as part of SBI’s efforts to improve financial inclusion and ensure accessibility of banking services to all sections of society. The move aligns with regulatory guidelines and aims to bolster the overall efficiency of India’s banking system by reducing the number of inactive accounts.
Dormant accounts not only hinder customers from accessing banking services but also increase operational challenges for banks. By focusing on reactivating such accounts, SBI aims to enhance customer experience while meeting compliance standards.
The bank has advised account holders to contact their nearest branch or Business Correspondents for assistance with Re-KYC and account reactivation.
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