If you are a customer of Public Sector Bank i.e. Bank of Baroda, then this news is useful for you. Crores of bank account holders will have to settle an important task by March 24, 2023.
If you do not do this, then later you may have to face big trouble. Actually, Bank of Baroda (BoB) has issued instructions to its account holders to get Central KYC (C-KYC) done. If you have not completed this work, then go to the bank immediately and complete this work.
Bank gave information by tweeting
By tweeting about this from its official Twitter handle, the bank has told that all the customers who have been called by the bank for notice, SMS or C KYC, should go to the bank and submit their KYC documents. You have to do this work before March 24, 2023. If you have completed this task then ignore this message.
What is Central KYC?
Now customers do not need to do KYC again and again for all the tasks like opening account, buying life insurance, opening demat etc. Now all the works can be completed after getting KYC done only once. The bank submits the records of C-KYC to its customers in digital format.
— Bank of Baroda (@bankofbaroda) March 13, 2023
After this, a customer does not have to do KYC for different purposes and banks match the information with the central KYC. By matching this data, the bank or any institution finds out whether the KYC rules have been fulfilled or not. It is worth noting that CERSAI does the work of managing the Central KYC. In this case, only KYC related information of the customer can be obtained from this number only.
Failure to complete Central KYC can result in huge losses.
If you do not complete the Central KYC, your account may be deactivated. In such a situation, if you have not yet completed this work, then complete it as soon as possible. With this you will not have to face trouble later.