RBI Directs Banks to Take Urgent Steps to Reduce Inoperative/Frozen Accounts and Simplify Activation Process
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- Last Updated on 4 December, 2024
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Circular no. RBI/2024-25/91 DoS.CO.PPG.SEC.12/11.01.005/2024-25; Dated: 02.12.2024
RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free. This includes enabling seamless updation of KYC through mobile/internet banking, non-home branches, Video Customer Identification Process, etc. Further, RBI has directed banks to organise special campaigns for facilitating the activation of inoperative/frozen accounts.
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