RBI asks banks to prioritize Re-KYC completion with targeted strategies

Patna: Regional Director of the Reserve Bank of India (RBI), Sujit Kumar Arvind, asked banks with a high volume of pending Re-KYC cases to adopt special strategies for faster resolution. Speaking at a review meeting with major banks on Thursday, he emphasized the need for an internal review mechanism to enhance monitoring and accountability.He instructed lead banks to ensure timely data reporting through Lead District Managers (LDMs) and urged controlling heads to treat Re-KYC as a top priority, aiming for completion within the next few weeks.Ranjeeta Chowdhary, general manager, expressed concern over discrepancies between actual and reported Re-KYC figures. She directed banks to ensure real-time data updates and recommended that zonal and regional heads conduct regular field visits to review progress and expedite the process.During the meeting, controlling heads of various banks shared updates on their current progress and challenges. Banks reported that Re-KYC has been completed for approximately 15 lakh individuals.A Deputy General Manager from the State Bank of India stated that the bank will soon be capable of processing 50,000 to 60,000 Re-KYC cases daily through Customer Service Points (CSPs).To meet their targets swiftly, banks plan to organize mega camps, enabling on-the-spot Re-KYC for as many individuals as possible.