Punjab National Bank urges customers to update their KYC details by April 10; check points

Punjab National Bank has set April 10 as the deadline for customers to update their KYC details, in compliance with RBI guidelines, to avoid account restrictions.

Punjab National Bank (PNB) has issued an urgent advisory to its customers, urging them to update their know-your-customer (KYC) details by April 10. This is in alignment with the Reserve Bank of India’s (RBI) directives, mandating the periodic update of KYC information. Customers whose accounts are due for KYC updates by March 31 are specifically targeted by this advisory. The bank has stressed the necessity of maintaining updated identity proof, address proof, recent photographs, PAN or Form 60, income proof, and a registered mobile number to ensure their accounts remain operational. This information can be submitted at any PNB branch or through digital channels such as the PNB ONE app and Internet Banking Services (IBS). 

Failure to update KYC details within the stipulated timeframe might result in restrictions on account operations, according to PNB's advisory. Customers are encouraged to utilise multiple submission channels for convenience. Besides visiting branches, updates can be emailed or posted to the customer's base branch. PNB emphasised the importance of keeping customer details current to ensure smooth banking services. The bank has also provided additional support by directing customers to its official website and nearby branches for assistance.

In an effort to facilitate the KYC update process, PNB has outlined a clear procedure for completing electronic KYC (eKYC) via the PNB ONE app. Customers are advised to download the app from the Google Play Store or Apple App Store. Upon logging in, they should navigate to the KYC update section to check their update status. If pending, they must authenticate their identity using an OTP-based Aadhaar verification process, ensuring their mobile numbers are linked with Aadhaar for authentication. This digital approach aims to enhance accessibility and streamline the update process. 

PNB has also issued a fraud warning, advising customers to be cautious of unverified links and unknown sources claiming to assist with KYC updates. The bank stresses the importance of verifying official communications to prevent potential fraud. This move is part of a broader effort to protect customers from scams that exploit regulatory compliance requirements. As the financial sector sees increasing digitalisation, such advisories play a crucial role in safeguarding customers against cyber threats and fraudulent activities.

The push for KYC updates is part of PNB's compliance with regulatory requirements, amidst the evolving banking landscape. With digital banking on the rise, maintaining accurate customer records is essential for operational efficiency and regulatory conformity. PNB's proactive approach in reminding customers about KYC updates highlights its commitment to adhering to regulatory standards while ensuring customer convenience. As the deadline approaches, the bank's initiative underscores the importance of regulatory compliance in fostering a secure banking environment.