Punjab National Bank has issued an update for bank customers in which it has been said that they have been advised to update their Know Your Customer (KYC) information. According to the press release of the bank, as per the guidelines of the Reserve Bank, all customers will have to complete this process before January 23, 2025.
What happened to KYC?
Let us tell you that it means “Know Your Customer”. With its help, financial institutions can maintain details about their customers and it is important to have information about their identity. Actually, this decision has been taken to protect the customers from money laundering including terrorist financing etc. “Digital KYC” can also be done.
Customers whose KYC is due till 30 November 2024 should complete this process soon. If a person does not complete this process then his account activity will be affected. Customer digital KYC is done after capturing live photo. The customer must have valid documents along with correct Aadhaar and location information.
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