Many times banks have reminded their customers to complete their KYC or update Know Your Customer details, to keep using the banking services without any disruption smoothly. Now, Punjab National Bank has given the ultimatum to its customers to complete their KYC before the deadline to keep enjoying banking services without having their accounts blocked.
Alert For PNB Customers
In a Tweet on August 17, the bank informed that PNB KYC is to be done till or before August 31, 2022, if a customer wants to keep his account active.
PNB posted the warning on Twitter with the caption, “Important announcement regarding KYC, please note!” and an image with a warning message that said, “As per RBI guidelines, KYC updation for all customers is mandatory. If your account has become due for KYC updation as of 31.03.2022, you are requested to contact your base branch to get your KYC updated before 31.08.2022.”
Further added, “Non-update may lead to restriction of operations in your account.”
How To Update KYC As A PNB Customer?
“Banks are expected to have adopted due diligence and appropriate KYC norms at the time of opening of accounts in respect of existing customers in terms of our extant instructions referred to in the Annexure. However, in case of any omission, the requisite KYC procedures for customer identification should be completed at the earliest,” says RBI’s guidelines if you are an existing customer.
“PNB’s notification comes a month after several customers of the State Bank of India alleged that the bank had stopped the functioning of several accounts for non-compliance with KYC norms. As per several users who had complained on Twitter tagging the official handle of the public sector lender, the SBI had allegedly frozen their accounts for not updating the KYC details by July 1, as part of the bank’s KYC drive. As a result, these customers, many of whom stay abroad, were not able to carry out any transaction with their SBI accounts,” mentioned News18.