New Delhi: Bank of Baroda has warned its customers to complete their Central Know your customers (KYC) this week.
According to a statement by Bank of Baroda, all of the bank’s customers must complete the Central KYC procedure by March 24, 2023. (CKYC). The Bank has further stated that failing to do so might result in the accounts being deactivated.
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Earlier this week, BOB tweeted “Customers who have recieved Notice/SMS/Calls for CKYC from the Bank, are requested to visit their branch immediately and submit KYC documents at your Branch latest by 24.03.2023. Please ignore if already submitted”.
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What is Central KYC Registry?
The goal of the Central KYC Registry is to lessen the burden of producing KYC documents and having them verified each time a customer establishes a new relationship with a financial entity. The Central KYC Registry is a centralised repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector.
Central KYC application can be accessed by authorised institutions or other notified institutions under the Prevention of Money Laundering Act or rules framed by the Government of India or any Regulator (RBI, SEBI, IRDA, and PFRDA) there under.
