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State Bank of India said it has launched a nationwide drive to raise awareness about inoperative account activation
SBI to drive and emphasize the Re-KYC exercise to promote the maintainence of active accounts and re-activation of inoperative accounts. (Representative image)
The State Bank of India (SBI), the country’s largest lender, has initiated a nationwide awareness campaign on the importance of activating inoperative accounts. Ahead of this initiative, SBI conducted a one-day workshop in Gurugram for its national business correspondents. The workshop focused on sensitising participants to the significance of inoperative account activation, with special emphasis on Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
What Is An Inoperative Account?
An account, savings or current, is classified as inoperative if no transactions are conducted for over two years. Reactivation of such accounts requires customers to complete a Re-KYC (Know Your Customer) process. SBI stressed the importance of regular transactions to avoid accounts becoming inoperative.
Leveraging Technology For Efficiency
The workshop also highlighted the integration of Artificial Intelligence (AI) and Machine Learning (ML) models to assess Customer Service Points (CSPs) based on their risk profiles. This technological advancement aims to enhance risk management, improve operational efficiency, ensure regulatory compliance, and deliver superior customer service.
Chairman’s Address
CS Setty, Chairman of SBI, emphasised the importance of conducting the Re-KYC exercise earnestly to keep PMJDY accounts active, enabling seamless transactions for customers. He urged business correspondents to actively engage in the Department of Financial Services (DFS) campaign for Jan Suraksha Schemes from October 15, 2024, to January 15, 2025, to ensure coverage of all eligible citizens.
Setty highlighted the need for:
- Strict adherence to banking guidelines to sustain growth.
- Leveraging technology to bridge the gap and enhance customer outreach.
- Developing a vision map for technological innovation to optimize the business correspondent channel.
He also outlined SBI’s efforts to launch customer-centric products and improve services, aiming to make the correspondent channel robust and efficient.
Financial Inclusion
SBI reiterated its commitment to advancing financial inclusion through innovative solutions and efficient service delivery. The bank’s focus on Re-KYC and activating inoperative accounts reflects its dedication to empowering citizens and ensuring seamless banking experiences nationwide.
