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Punjab National Bank (PNB) has warned clients to update their Know Your Customer (KYC) information by April 10, 2025, under the Reserve Bank of India's (RBI) instruction. This is compulsory for the accounts eligible for KYC updation by or before March 31, 2025. Failure in this will lead to suspension of accounts.
Compulsory KYC Update for Eligible Customers
In the process of regulatory compliance, PNB has requested customers to submit their updated KYC details so that banking operations are not affected. The bank has specified that the eligible customers should submit proof of identity, proof of address, recent passport-sized photographs, PAN or Form 60 (in the absence of PAN), proof of income (if any), and an updated mobile number if it is not already associated with their account.
Customers can obtain the KYC update at their local PNB branch. Along with this, facilities have also been made by the bank for e-submission through the PNB ONE mobile banking application and Internet Banking Services (IBS). These also may be sent to the customer's base branch by registered email or mail. The bank has requested the customers to follow these routes so that a jam and disruption at the last minute can be avoided.
Consequences of Non-Compliance
PNB has cautioned that not updating KYC information within the required period can lead to withholding of accounts. This can affect different banking services like withdrawals, deposits, funds transfers, and the use of digital banking platforms. Such defaulting customers will also be denied new products like loans or credit cards until their KYC information is brought up to date.
KYC updation is one of the initiatives of the RBI to ensure money laundering, identity theft, and financial fraud avoidance. Banks also need to frequently update customer information for account protection and compliance reasons. The method ensures transparency in banking services while ensuring accountability as well as maintaining minimal risk factors for financial malpractices.
How Customers Update KYC Details
PNB has given several ways in which customers can update their KYC details:
Branch Visit: Customers have the option to visit any PNB branch in person and submit documents.
PNB ONE App: This online banking facility enables customers to change KYC information online.
Internet Banking: Customers can log on to the PNB's Internet Banking Services (IBS) and digitally upload documents.
Email/Post: KYC documents can be mailed through registered email or post to the customer's home branch.
To ease further doubts, customers may check their KYC status by getting in touch with their account status in a PNB branch or calling customer care. Customers were also requested by the bank to retain photocopies of documents presented as evidence of compliance.
Efforts by the Bank to Encourage Compliance
To make it known to the public, PNB has been informing customers by SMS, e-mails, and public notifications. The bank has also established special helpdesks in offices to help customers navigate through the KYC updation process.
Apart from that, PNB emphasised that updating KYC not only makes it easy to be in compliance with regulations but also protects customers from fraud. Due to the surge of cyber-attacks and identity theft, having updated banking records protects the financial resources of customers. The bank reassured customers that it was convenient and urged them to update it as soon as possible.
