Bank Of Baroda Latest Update: Get alerted if you have an account in a government bank. This is important news for you. In fact, Bank of Baroda has issued a notification directing all its consumers to get Central KYC (CKYC) done for their bank accounts.
The bank has given time till March 24 to get this work done. It has been warned that if this is not done, the bank account can be deactivated.
Update will have to be done by March 24
According to the tweet made by the bank, all the account holders having an account with Bank of Baroda will have to get their KYC updated by March 24. For this, they will have to go to the bank and submit their address proof and PAN card details. Failure to do so will ban the operation of the customers’ bank account. Along with this, action can also be taken to deactivate the bank account. SMS and email are also being sent by the bank in this regard.
Now the verification happens only once
Let us tell you that in order to avoid frauds earlier the bank used to call the customers from time to time and verify their documents. But now all the banks store all the data of customers in digital format. For this, customers have to submit the details of papers like their PAN card, Aadhaar card, voter card, voter card, electricity bill only once. After this, the bank saves them in digital format and keeps them in their computer.
This government organization does KYC
Central KYC is managed by Central Registry of Securitization Asset Reconstruction and Security Interest of India i.e. CERSAI, an organization of Government of India. Through this, senior officers of the government, intelligence agencies, RBI, Income Tax Department can extract the complete horoscope of any account holder. This arrangement has been made to stop black money in the economy and to curb the funding of terrorism.
Disadvantages of not getting Central KYC done
You will have to visit your respective bank to get the central KYC done for your account. All your documents will be deposited there. If you are negligent in this work, then the transaction from your account can be banned. Also, your bank account can also be permanently deactivated. Due to which you may have to face a lot of trouble.
