In adherence to the Reserve Bank of India (RBI) guidelines, the Punjab National Bank (PNB) has asked its customers to update their Know Your Customer (KYC) information by March 19, 2024 to ensure smooth functioning of their accounts.
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This is applicable only for those customers whose accounts were due for KYC updation as of December 31, 2023, the bank said.
As part of the KYC compliance exercise, PNB customers should provide their updated information like identity proof, address proof, recent photo, PAN, income proof, mobile number (if not available) or any other KYC information to their base branch.
It can be done through PNB ONE/Internet Banking Services (IBS)/registered e-mail/post or in person visit to any branch by March 19, 2024.
Failure to update KYC details within the stipulated time may result in restrictions on account operations, the lender said.
KYC compliance is crucial in maintaining the integrity of the banking system and safeguarding against financial crimes such as money laundering and fraud.
By ensuring that customer information is accurate and up-to-date, banks can establish the identity of their clients and assess the risk associated with their financial transactions.
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