Punjab National Bank (PNB) customers must do this by month's end to avoid…

In order to maintain the status of their account, the Punjab National Bank (PNB) advised its clients to update their Know Your Customer (KYC) information by August 31. The only PNB customers who will need to renew their KYC are those whose accounts would be subject to the process as of March 31, 2022. Customers were advised that "non-updates may lead to restriction of operations in your account" by the bank. 

The public sector lender tweeted, "Important notification about #KYC, take heed!" 

“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," posted by PNB on Twitter.

How PNB clients can complete their KYC

The bank quickly responded when a consumer inquired about how to determine whether the KYC was still pending. “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."

If there has been no change to the KYC information that customers have previously submitted to the bank, they must submit the relevant form, completely filled out and signed. The consumer must visit the branch to acquire the latest information in the event of any changes. 

What is KYC?

KYC stands for Know Your Customer. The KYC procedure enables the bank to keep track of whether or not money is transferred for illicit purposes and to learn about the customer's name, address, and financial background. 

PNB wants to recover Rs. 32,000 billion crores from faulty loans. 

A K Goel, the managing director of PNB, stated that the company aims to collect roughly Rs. 32,000 crores from the resolution of bad loans during the current fiscal year. He added that the bank's total recovery for the first quarter was $7,057 crore and that each quarter's recovery would be more than the slippage. During the same time frame, slippages totalled $6,468 crore. 

"We expect to recover ₹8,000 crores every quarter and would ensure that its recoveries are higher than fresh slippages," he said, PTI reported.