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Govt Asks Banks to Close Inoperative Jan Dhan Mule Accounts

7 July 20251 min read
BANKING & FINANCEGovt Asks Banks toClose InoperativeJan Dhan MuleAccounts7 July 2025safalsetu.com

Why in the news

To fight cyber fraud and laundering, the Government of India asked public-sector banks to shut dormant Jan Dhan accounts.

Key facts

  • No customer-driven transaction for 24+ months means inoperative.
  • Closures start where KYC is outdated; a re-KYC drive targets older accounts.
  • Retail depositors suffer most from mule account frauds.

About PMJDY

FeatureDetails
Launched28 August 2014
EligibilityCitizens aged 18-59; minors above 10 with guardian
AccountZero balance; RuPay debit card; chequebook only with minimum balance
  • Goal: financial inclusion, covering savings, remittance, credit, insurance and pension.
  • Opened at any branch or Bank Mitr outlet.

Exam angle

  • Detection tool: Mule Hunter.
  • PMJDY start date: 28 August 2014.

Test yourself

1. After how long without customer-driven transactions is a bank account marked inoperative, per the notes?

Accounts idle for 24+ months are marked inoperative.

2. Which AI-ML tool deployed by RBI helps detect mule accounts?

The notes name RBI's Mule Hunter for detecting mule accounts.

3. On which date was the Pradhan Mantri Jan Dhan Yojana launched?

PMJDY was launched on 28 August 2014.

This topic is part of Daily Current Affairs 6 & 7 July 2025 (16 topics).

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