India’s leading government bank Punjab National Bank has issued an alert for its lakhs of customers. The bank has told its customers that if the KYC of their accounts is not updated by August 12, then their account may be closed. However, the bank has also said that updating KYC is necessary for those customers who were required to update KYC by March 31, 2024, but they have not updated it yet.
PNB issued a statement
Punjab National Bank said in a statement issued on Friday, “In compliance with the Reserve Bank of India (RBI) guidelines, the country’s top public sector bank, Punjab National Bank (PNB), has asked its customers to update their Know Your Customer (KYC) by 12.08.2024 to ensure smooth functioning. This is applicable only to those customers whose accounts were due for KYC update by 31.03.2024,” the statement said.
KYC can be updated through these means
The bank further said that customers can do it by 12 August 2024 through PNB ONE App or Internet Banking service, email/post or by visiting any Punjab National Bank branch. PNB further said “Failure to update KYC details within the stipulated time may result in closure of account operations.”
Also Read: HDFC, ICICI, IDFC FIRST Change Rules for Bank Cards: Check New Terms
RBI guidelines for digital KYC update
The Reserve Bank of India has some guidelines for updating KYC digitally without visiting the bank branch. According to the RBI circular, “Banks have been advised to provide individual customers the facility of declaration through various non-face-to-face channels such as registered email ID, registered mobile number, ATM, digital channels (such as online banking / internet banking, mobile applications), post etc., which do not require visiting the bank branch.”