SBI There is a good opportunity to restart closed savings and current accounts. In fact, State Bank of India (SBI) has launched a nationwide campaign to raise awareness about the importance of activating inoperative accounts. The bank on Saturday said that a savings or current account is considered inactive if the customer has not made any transaction in the account for more than two years. SBI said in a statement that activating these accounts again requires a KYC (Know Your Customer) process.
KYC will be necessary
The main message is the need for regular transactions in the account and to avoid falling into the category of inactive accounts. SBI Chairman C S Shetty stressed the need to re-implement the KYC process in letter and spirit to maintain PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts in active status and enable customers to transact seamlessly. He urged the bank representatives to use technology to bridge this gap and reach out to the end consumer, thereby improving customer experience.
Organization of one day workshop
Ahead of the launch of the campaign, SBI conducted a one-day workshop in Gurugram to sensitize the common people about the importance of activating dormant accounts. The workshop emphasized the importance of PMJDY accounts and the importance of reactivating inactive accounts. Additionally, the workshop showcased the implementation of Artificial Intelligence (AI) and Machine Learning (ML) models to classify Customer Service Points (CSPs) based on their risk profile. By leveraging technology, SBI is setting a new benchmark for risk management and operational efficiency in the banking industry, while improving regulatory compliance and providing better customer service. Appreciated the efforts made by SBI in introducing new initiatives to meet the industry demand and make the channel more flexible, risk reducing and customer oriented.
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