PNB has set a deadline of August 31, 2023, for its customers to update their (KYC)

As of August 2, 2023, Punjab National Bank (PNB), which is one of India’s leading public sector banks, is implementing the Reserve Bank of India (RBI) guidelines regarding Know Your Customer (KYC) compliance. In accordance with these guidelines, PNB has been actively encouraging its customers to update their KYC information before August 31, 2023.

PNB has taken multiple steps to notify its customers about the mandatory KYC updation. They have sent two Notices to the registered address of those customers whose accounts are due for KYC updation. Additionally, the bank has sent SMS notifications to the registered mobile numbers of these customers.

To further spread awareness, PNB has published a notification in newspapers on July 28, 2023, outlining the importance of KYC updation and the consequences of non-compliance. The notification states that customers whose accounts became due for KYC updation as of March 31, 2023, are requested to get their KYC updated through various channels such as PNB ONE, Internet Banking Service (IBS), registered e-mail, post, or in-person visits to any PNB branch before August 31, 2023.

The required information for KYC updation includes identity proof, address proof, recent photograph, PAN (Permanent Account Number), income proof, and mobile number (if not already provided) or any other relevant KYC information.

It is crucial for PNB customers to adhere to this KYC compliance exercise to ensure the smooth functioning of their bank account(s). Failure to update KYC information before the deadline may result in restrictions being placed on the operations of their accounts. Therefore, all eligible PNB customers are strongly encouraged to update their KYC information within the specified time frame to avoid any inconvenience.