SBI launches a nation-wide drive encouraging customers to re-activate their inoperative accounts
C. S. Setty, Chairman, SBI
FinTech BizNews Service
Mumbai, November 30, 2024: The country's largest lender, State Bank of India has launched a nation-wide drive to raise awareness about the importance of Inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message.
Before commencement of the drive, SBI organized a one-day workshop at Gurugram for its national business correspondents to sensitize them about the importance of inoperative account activation. The workshop emphazised the significance of PMJDY accounts and the importance of reactivating inoperative accounts. Additionally, the workshop showcased the implementation of an Artificial Intelligence (AI) and Machine Learning (ML) model to categorize Customer Service Points (CSPs) based on their risk profile. By leveraging technology, SBI is setting a new standard for risk management and operational efficiency in the banking industry besides improving regulatory compliance and provide better customer service.
Business correspondents acknowledged the efforts made by SBI in rationalizing the processes, introduction of new initiatives to cope up with industry demand and transforming the Channel to more resilient, risk mitigated and customer oriented.
On the occasion of inauguration of the event, Shri C. S. Setty, Chairman, SBI emphasized the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He appealed the participants to actively participate in DFS Campaign for Jan Suraksha Schemes at GP level from 15.10.24 to 15.01.25 and strive to cover all eligible citizens. He stressed upon to maintain high standards in complying Bank’s guidelines for sustainable growth. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last mile customer thereby enhancing customer experience. He proposed for a vision map for technological changes necessary to offer unique solutions to leverage the Business Correspondent channel optimally. He highlighted Bank’s initiatives in launching new products, improving customer service to make the Channel more customer centric and robust.
SBI remains committed to enhancing financial inclusion through innovative solutions and efficient service delivery. The bank's efforts in driving Re-KYC and inoperative account activation reflect its ongoing focus on empowering citizens and ensuring seamless banking experiences across the country.
