Punjab National Bank (PNB) has asked customers to update their know-your-customer (KYC) information by December 12, 2022. KYC updation is mandatory as per Reserve Bank of India (RBI) guidelines."Non-updation may lead to restriction of operations in your account," the lender said in a tweet.
How to update KYC
PNB customers have to provide updated information, such as identity and address proofs, recent photos, PANs, proofs of income, and mobile numbers (if available), to their base branch via email addresses registered with the bank, by mail, in person, or in any other manner necessary to ensure the proper operation of their bank accounts (s).
How to know if KYC is pending or not
PNB account holders can connect with customer care service at 1800 180 2222/ 1800 103 2222 (toll-free)/ 0120-2490000 (tolled number) for information on KYC.
What is KYC and why is it required?
KYC is a term used for customer identification process. It is a process by which banks obtain information about the identity and address of the customers while establishing an account-based relationship or while dealing with the individual who is a beneficial owner, authorised signatory or the power of attorney holder related to any legal entity.
It involves making reasonable efforts to determine, the true identity and beneficial ownership of accounts, source of funds, financial status & nature of customer’s business, reasonableness of operations in the account in relation to the customer’s overall profile, etc. which in turn helps the banks to manage their risks prudently.
The purpose of KYC policy is to put in place customer identification procedures for opening of accounts and monitoring transactions in the accounts for detection of transactions of suspicious nature.
