Banks ordered to close inactive accounts under PM Jan-Dhan Yojana
ByAinvest
Sunday, Jul 6, 2025 1:58 pm ET1min read
The Indian government has instructed state-owned banks to close inactive accounts opened under the PM Jan-Dhan Yojana program due to concerns over misuse by fraudsters as "mule accounts" for cyber fraud. Banks are advised to initiate re-KYC procedures to reactivate inoperative accounts, but if beneficiaries are unwilling, such accounts will be closed. The move comes amid rising instances of fraud in the digital payments category.
Stay ahead of the market.
Get curated U.S. market news, insights and key dates delivered to your inbox.
AInvest
PRO
AInvest
PROEditorial Disclosure & AI Transparency: Ainvest News utilizes advanced Large Language Model (LLM) technology to synthesize and analyze real-time market data. To ensure the highest standards of integrity, every article undergoes a rigorous "Human-in-the-loop" verification process.
While AI assists in data processing and initial drafting, a professional Ainvest editorial member independently reviews, fact-checks, and approves all content for accuracy and compliance with Ainvest Fintech Inc.’s editorial standards. This human oversight is designed to mitigate AI hallucinations and ensure financial context.
Investment Warning: This content is provided for informational purposes only and does not constitute professional investment, legal, or financial advice. Markets involve inherent risks. Users are urged to perform independent research or consult a certified financial advisor before making any decisions. Ainvest Fintech Inc. disclaims all liability for actions taken based on this information. Found an error?Report an Issue
Comments
No comments yet