PNB asks customers to update KYC by December 12 or their account may be closed; details here | Popgen Tech

Representative image. News18

Punjab National Bank (PNB) has notified that Know Your Customer (KYC) update is mandatory for all customers as per Reserve Bank of India (RBI) guidelines. PNB customers are requested to provide updated information such as their PAN, proof of identity and address, recent photograph, proof of income, and telephone number to their base branch to ensure the -proper functioning of their account. The information can be submitted through the email address registered with the bank, in person, by post, or by any other necessary means. PNB has asked customers to contact their base branch to get their KYC updated before December 12 if their account is due for the same.

The lender also warned customers that failure to update their KYC may cause restriction of account operations.

Here is PNB’s official tweet about the KYC update:

As part of the KYC principle, the RBI has given some guidelines on the identification of depositors and advised the banks to put in place systems and procedures for the identification of suspicious activities and money laundering, which include financial frauds , and monitoring high value cash transactions.

KYC is used for the customer identification process. With the help of KYC, banks get information about the address and identity of their customers.

If you are a PNB account holder and don’t know whether your KYC is pending or not, then you can simply contact customer care at 1800 180 2222/1800 103 2222 (toll free)/ 0120 -2490000 (toll number) to get information.

From time to time, the RBI has also instructed the banks to be vigilant while opening the accounts of new customers to prevent misuse of the banking system. According to the RBI, it has decided to consolidate and reiterate the existing instructions on cash transactions and KYC norms after considering the recent domestic and international developments.

PNB started its operations on 12 April 1895 in Lahore with a working capital of Rs 20,000 and an authorized capital of Rs 2 lakh. It was the first bank to be run entirely by Indians with Indian capital. A total of nine banks have joined or merged with PNB so far.

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