Punjab National Bank (PNB) has notified that Know Your Customer (KYC) updation is compulsory for all customers according to the guidelines of Reserve Bank of India (RBI). PNB customers are required to give updated information like their PAN, identity and address proof, recent photo, proof of income, and phone number to their base branch for ensuring their account’s proper functioning. The information can be submitted via the email address registered with the bank, in person, by mail, or any other way needed. PNB has requested the customers to contact their base branch in order to get their KYC updated before 12 December if their account is due for the same.
The lender has also cautioned customers that failing to update their KYC may cause restriction of account operations.
Here is the official tweet by PNB regarding KYC updation:
Points to be noted 👇🏻
Remember: KYC updation is mandatory as per RBI guidelines.
— Punjab National Bank (@pnbindia) November 20, 2022
As part of the KYC principle, the RBI has given some guidelines about the depositors’ identification and advised the banks to place systems and procedures for identifying suspicious activities and money laundering, containing financial frauds, and monitoring transactions of large cash value.
KYC is used for the identification process of customers. With the help of KYC, banks get information about their customers’ address and identity.
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 service at 1800 180 2222/1800 103 2222 (toll-free)/ 0120-2490000 (toll number) to get information.
From time to time, the RBI has also given instructions to the banks about being vigilant while opening the accounts of new customers in order to prevent the misuse of the banking system. According to the RBI, it has decided to consolidate and reiterate the extant instructions on cash transactions and norms of KYC 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 authorized capital of Rs 2 lakh. It was the first bank to be entirely managed by Indians with Indian capital. A total of nine banks have merged or amalgamated with PNB till now.