Bank of Baroda (BoB) has announced that its customers need to complete Central KYC (C-KYC) before March 24, 2023. Failure to do so may result in account deactivation. BoB customers who have been notified by the bank via notice, SMS or C-KYC should visit their nearest branch and submit the required documents. Once a customer completes their C-KYC, they do not have to go through the process again for different purposes like opening new accounts, buying life insurance or opening a demat account.
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Central KYC is a one-time process that eliminates the need for customers to repeatedly complete KYC for various financial services. The bank submits C-KYC records in digital format and matches information with the central KYC. Central KYC helps banks and other institutions verify whether KYC rules have been fulfilled or not. Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) manages the Central KYC, and only KYC related information of the customer can be obtained through this number.
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BoB has urged its customers to complete C-KYC to avoid inconvenience or potential account deactivation. Customers who do not complete the Central KYC process before March 24, 2023, may face difficulty accessing their accounts. Therefore, BoB customers who have not yet completed their C-KYC are advised to do so as soon as possible to avoid any issues in the future.
