Punjab National Bank (PNB) customers must do so by the end of the month or else… | Popgen Tech

“Important announcement regarding #KYC, please note!,” tweeted the public sector lender.

“As per RBI guidelines, updating KYC for all customers is mandatory. If your account became due for KYC update from 31.03.2022, you are requested to contact your base branch to get the KYC updated before 31.08.2022,” read the notification sent by PNB on Twitter.

How PNB customers can do their KYC

When asked by a customer how to know if KYC was pending, the bank promptly replied, “Dear customer, thank you for writing to us. We request you to please contact our customer care service on 1800 180 2222/ 1800 103 2222 (free of charge)/ 0120-2490000 (number by street) for more information in this regard. Thank you.”

Customers have to submit a prescribed format duly filled and signed if there is no change in the KYC information provided by them to the bank. In case of any change, the customer must visit the branch to update the same.

What is KYC?

KYC means Know Your Customer. The KYC process helps the bank to know about the identity, address, and financial history of the customer and to keep track of the money made or not for illegal purposes.

PNB aims to recover ₹32,000 crore from bad loans

The Managing Director of PNB AK Goel said that the lender is targeting about ₹32,000 crore worth of recoveries from bad loan resolution in the current tax. The recovery in each quarter would be higher than the slippage, he said, adding that the bank’s total recovery during the first quarter was ₹7,057 crore. The slippages were on ₹6,468 crore during the same period.

“We expect to recover ₹8,000 crore every quarter and ensure that its recoveries are higher than a fresh slip,” he said, PTI reported.