New Delhi: Public sector lender Punjab National Bank (PNB) has said that the mandatory KYC deadline as per the RBI guidelines must be completed, failing to which might hamper the banking activities of customers and might also lead to restrictions of operations in your account.
Also Read – Insurance Claim: Three methods to help you resolve insurance-related issues faster; check details
A Notification tweeted by PNB states “As per RBI guidelines, KYC updation for all customers is mandatory. If your account has become due for KYC updation as of 30.09.2022, in terms of notices/SMS already sent to your registered moible number, you are requested to contact your base branch to get your KYC updated before 12.12.2022. Non updation may lead to restriction of operations in your account”.
“Points to be noted. Remember: KYC updation is mandatory as per RBI guidelines. Beware: Bank does not call & request personal information of customers for KYC updation,” PNB has tweeted.
An August 2022 RBI circular says that as part of ‘Know Your Customer’ (KYC) principle, the central bank has issued several guidelines relating to identification of depositors and advised the banks to put in place systems and procedures to help control financial frauds, identify money laundering and suspicious activities, and for scrutiny/monitoring of large value cash transactions.
Also Read – This Stock is Giving a 5.5% Dividend Next Week!
“Instructions have also been issued by the RBI from time to time advising banks to be vigilant while opening accounts for new customers to prevent misuse of the banking system for perpetration of frauds. A gist of the past circulars issued on the subjects under reference are listed in the Annexure. Taking into account recent developments, both domestic and international, it has been decided to reiterate and consolidate the extant instructions on KYC norms and cash transactions. The following guidelines reinforce our earlier instructions on the subject with a view to safeguarding banks from being unwittingly used for the transfer or deposit of funds derived from criminal activity (both in respect of deposit and borrowal accounts), or for financing of terrorism. The guidelines are also applicable to foreign currency accounts/transactions,” reads the RBI circular
