The Punjab National Bank (PNB) reminded its customers to update their Know Your Customer (KYC) details by August 31 in order to keep their account active. Only those PNB customers need to update their KYC whose accounts have become due for the process as of 31 March 2022. The bank warned customers that “non updation may lead to restriction of operations in your account.”
“Important announcement regarding #KYC, please note!,” the public sector lender tweeted.
“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,” read the notification posted by PNB on Twitter.
How PNB customers can get their KYC done
When asked by a customer how one would know if the KYC was pending, the bank promptly replied, “Dear customer, thank you for writing to us. We request you to please connect with our customer care service at 1800 180 2222/ 1800 103 2222 (toll-free)/ 0120-2490000 (tolled number) for more information in this regard. Thank you.”
Customers need to submit a duly filled and signed prescribed format if there is no change in the KYC information provided by them to the bank. In case of any change, the customer has to visit the branch to get the same updated.
What is KYC?
KYC stands for Know Your Customer. The process of KYC helps the bank know about the customer’s identity, address, and financial history and to keep track of the money that is transacted or not for illegal purposes.
PNB aims to recover ₹32,000 crore from bad loans
PNB’s Managing Director A K Goel said the lender is aiming about ₹32,000 crore-worth recoveries from the resolution of bad loans in the current fiscal. The recovery in each quarter would be higher than the slippage, he said, adding that the bank’s total recovery during the first quarter was ₹7,057 crore. The slippages were at ₹6,468 crore during the same period.
“We expects to recover ₹8,000 crore every quarter and would ensure that its recoveries are higher than fresh slippages,” he said, PTI reported.
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