NEW DELHI, Dec 16: Following the directive from the RBI, Punjab National Bank (PNB), a state-owned entity, has launched a comprehensive campaign aimed at reactivating dormant accounts, including those linked to the Pradhan Mantri Jan Dhan Yojana (PMJDY).
This initiative, which is set to continue until December 24, 2024, showcases the Bank’s ongoing dedication to raising awareness about the necessity of keeping accounts active. It encourages customers to reactivate inactive savings and current accounts, fosters regular transactions, and aims to prevent accounts from becoming dormant, as stated in a recent Bank announcement.
This campaign is also a crucial part of PNB’s broader strategy to enhance customer engagement and experience, promote financial inclusion throughout the country, and build a stronger base for its Current Account and Savings Account (CASA) deposits.
To support account reactivation, PNB has implemented various measures, with representatives proactively contacting customers through multiple communication channels. To simplify the process and enhance convenience, the Bank has enabled reactivation at non-home branches using biometric authentication.
An account is deemed dormant or inoperative if no customer-initiated transactions have occurred for more than two years. Customers must submit updated KYC documents to reactivate such accounts.
Earlier this month, the RBI encouraged banks to take immediate action to reduce the number of inoperative or frozen accounts and to streamline the activation process for these accounts. This includes facilitating seamless KYC updates via mobile and internet banking, non-home branches, and through services like Video Customer Identification Process.
Additionally, while it is essential to keep accounts of beneficiaries of various Central and State government schemes—such as DBT/EBT—segregated for uninterrupted credit, instances have arisen where these accounts have been frozen due to pending or periodic KYC updates.
Given that these accounts mostly belong to underprivileged individuals, banks are encouraged to adopt a compassionate approach to facilitate the activation of such accounts. It is recommended that banks organize special campaigns to assist in the activation of dormant or frozen accounts.
Moreover, banks should also assist customers with Aadhaar updates at branches that provide Aadhaar-related services. Separate instructions have been issued to the State Level Bankers’ Committees (SLBCs) to actively monitor the situation to minimize customer inconvenience.
(UNI)
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