State Bank of India (SBI) has launched a nationwide campaign to raise awareness about the importance of activating inoperative accounts. The bank aims to educate customers about the need to keep their accounts active by ensuring regular transactions and completing the Re-KYC (Know Your Customer) process when necessary.
What is an Inoperative Account?
A savings or current account is considered inoperative if there has been no financial transaction—such as a deposit, withdrawal, or bill payment—within a period of over two years. Inoperative accounts may face limitations on certain services, and to reactivate them, customers are required to complete the Re-KYC process.
SBI is using this drive to emphasize the importance of keeping accounts active by encouraging customers to engage in regular transactions to avoid their accounts being labeled as inoperative.
The Importance of Re-KYC for Reactivation
In its statement, SBI highlighted that activating an inoperative account requires customers to complete the Re-KYC process. Re-KYC is necessary to update the customer’s information and ensure the account is aligned with the latest regulatory requirements. The bank stressed that ensuring regular transactions and updating KYC information helps prevent accounts from falling into the inoperative category.
Chairman’s Statement
SBI Chairman C S Setty expressed the need to implement the Re-KYC process thoroughly. He emphasized that maintaining active PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts is crucial for providing seamless access to banking services for customers. According to Setty, an active account is vital to ensure that customers can perform transactions without interruption.
Role of Business Correspondents in Reaching the Last Mile
Setty also urged the bank’s Business Correspondents to make use of technology to bridge the gap between SBI and its customers, particularly those in remote areas. These correspondents play an important role in reaching the last-mile customers and helping them stay informed about the need to keep their accounts active.
By leveraging technology, SBI hopes to enhance the overall customer experience and ensure that banking services are accessible to everyone, no matter where they are located.
Conclusion
SBI’s nationwide awareness drive focuses on the importance of regular transactions and completing the Re-KYC process to prevent accounts from becoming inoperative. With the leadership of C S Setty and the support of Business Correspondents, the bank aims to help customers maintain active accounts and continue accessing banking services without any interruptions.
