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    PNB asks customers to update KYC by August 31, or else ...

    PNB asks customers to update KYC by August 31, or else ...

    PNB asks customers to update KYC by August 31, or else ...
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    By CNBCTV18.com  IST (Published)

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    Earlier this month, the Reserve Bank of India (RBl) imposed a fine of Rs 3.5 lakh on Yavatmal Urban Co-operative Bank Limited for non-compliance with the central bank's KYC norms.

    The Punjab National Bank (PNB) reminded its customers to update their Know Your Customer (KYC) details by August 31. The bank warned customers that “non updation may lead to restriction of operations in your account.”

    “As per RBI guidelines, KYC updation for all customers is mandatory. If your account has become due for KYC updation as of 31.03.2022, you are requested to contact your base branch to get your KYC updated before 31.08.2022,” the bank tweeted.

    When asked by a customer how one would know if the KYC was pending, the bank promptly asked them to contact its customer care service at 1800 180 2222/ 1800 103 2222 (toll free)/ 0120-2490000 (tolled number).

    Earlier this year, PNB released its KYC Policy, 2022, to prevent the bank from being used by criminals for money laundering purposes or for terrorist financing activities.

    The policy would help the bank understand the financial dealings of its customers better, which will aid in mitigating associated risks prudently, the bank stated in the policy.

    As part of the KYC requirement, a bank’s customers need to submit their latest details, including PAN, latest photograph, address proof such as Aadhaar or passport, and other details as requested by the bank.

    The bank needs to undertake KYC compliance due to the Prevention of Money-Laundering Act (PMLA), 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.

    Earlier this month, the Reserve Bank of India (RBl) imposed a fine of Rs 3.5 lakh on Yavatmal Urban Co-operative Bank Limited for non-compliance with the directions issued by the RBI related to KYC.

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