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New Delhi: Public sector lender Punjab National Bank (PNB) has said that the mandatory KYC deadline as per RBI guidelines needs to be completed, failing which it may disrupt the banking activities of the customers and may also lead to restrictions of operations in your account.
A notification tweeted by PNB says “As per RBI guidelines, KYC update for all customers is mandatory. If your account became due for KYC update from 30.09.2022 , in terms of notices/SMS already sent to your registered number, you are requested to contact your base branch to get your KYC updated before 12.12.2022. Failure to update may lead to restriction of operations in your account”.
“Points to be noted. Remember: KYC update is mandatory as per RBI guidelines. Be careful: Bank does not call or ask for personal information of customers for KYC update,” PNB tweeted.
Points to note
Remember: KYC update is mandatory as per RBI guidelines.
Be careful: The bank does not call or ask for personal information of customers for KYC update.#KYC #Banking #SmartBanking # FoolTheFrauder pic.twitter.com/f6WohISarL— Punjab National Bank (@pnbindia) November 20, 2022
An RBI circular of August 2022 says that as part of the ‘Know Your Customer’ (KYC) principle, the central bank has issued various guidelines related to the identification of depositors and advised banks to establish systems and procedures to help control financial fraud, identify. money laundering and suspicious activities, and for the scrutiny/monitoring of high value cash transactions.
“Instructions have also been issued by the RBI from time to time advising banks to be vigilant while opening accounts for new customers to prevent misuse of the banking system for committing fraud. Management of circulars past issued on the subjects under reference are listed.Taking into account recent developments, both domestic and international, it has been decided to reiterate and consolidate the existing instructions on KYC norms and cash transactions The following guidelines reinforce our previous instructions on the subject with a view to safeguarding banks from being unwittingly used for the transfer or deposit of funds derived from criminal activity (both in relation to ‘ deposit as well as loan accounts), or for financing terrorism. The guidelines are also applicable to foreign currency accounts/transactions,” reads the RBI circular.