According to the decision taken by the State Level Banking Coordination Committee, now the office hours of all government banks in Madhya Pradesh will be from 10:00 am to 5:00 pm.

All the work related to customer transactions will be done from 10:00 am to 4:00 pm only. On the other hand, the process of closing long-dormant accounts in banks is also being started from January 1, 2025 as per the RBI guidelines.

3 categories of accounts will be closed

According to the guidelines, all types of inactive bank accounts will be closed. These include accounts in which there has been no transaction for two years. These include inactive and zero balance category accounts. If your bank account falls under these 3 categories, then your account will be closed.

You should contact your branch as soon as possible and get your bank account activated by completing the KYC process, otherwise your inactive bank account may be closed.

All the work related to customer transactions will be done from 10:00 am to 4:00 pm only. On the other hand, the process of closing long-dormant accounts in banks is also being started from January 1, 2025 as per the RBI guidelines.

3 categories of accounts will be closed

According to the guidelines, all types of inactive bank accounts will be closed. These include accounts in which there has been no transaction for two years. These include inactive and zero balance category accounts. If your bank account falls under these 3 categories, then your account will be closed.

You should contact your branch as soon as possible and get your bank account activated by completing the KYC process, otherwise your inactive bank account may be closed.

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This potentially helps in the prevention of financial crime or money laundering in any form. The Reserve Bank of India (RBI) has made it mandatory for all banks to complete the KYC of each of their customers. Government sector Bank of Baroda has now given special information about this to its lakhs of customers.

The bank has given this information to the customers through a tweet. The bank has told the customers that if there are any changes in the documents with the help of which the customers completed the KYC process at the time of account opening, they should inform the bank. Such customers will have to inform the bank within 30 days of updating the document so that the bank can include the updated document in its records.

What did the bank write in the tweet?

Bank of Baroda wrote in this tweet, “According to the RBI guidelines, the KYC documents submitted at the time of account opening. If there is any change in them, the information has to be given to the bank within 30 days of the updation so that the bank can keep its records.” I can update it.”

The bank also said that for more information on this, customers can contact the nearest branch of Bank of Baroda. Know further that if you are a customer of this bank, then how can you update your KYC documents.

Re-KYC document submission process

Bank of Baroda customers can choose any one of the two methods for re-KYC. The first way is to go to the home branch and submit the re-KYC document form and KYC document along with your signature.

Apart from this, customers can submit KYC details through e-mail/post/courier along with self-declaration. This will be valid only for change of address in KYC document. If there is no change in any document and the customer needs to re-KYC, the customer can e-mail it along with a self-declaration to rekyc@bankofbaroda.com. In this, it will be mandatory to send a scanned copy of their KYC documents.

pic.twitter.com/YexN05Xpxe

— Bank of Baroda (@bankofbaroda) May 16, 2023

What documents are required for KYC?

Passport for Customer Personal Account, Driving License with photograph, Proof of having Aadhaar Number, Voter ID Card issued by Election Commission, Job Card issued by NREGA duly signed by State Government Official or National Census Register The letter issued by the bank containing the name and address can be used as a KYC document.

No hassle of completing KYC process again and again through CKYC

Through KYC, the bank saves the data of its customers in digital format. Earlier, customers had to do KYC several times for different purposes. But now this process is completed through Central KYC i.e. CKYC. Due to this, customers do not have to update KYC again and again for different tasks like opening an account, taking insurance or opening a demat account.

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In such a situation, many times people open more bank accounts than necessary and do not operate them later. In the event of no transaction in an account for a long time, it is deactivated.

Before deactivating the bank account, it informs the customers through messages or calls. If your account has also been deactivated, then you can get it activated again, but before doing so, know what kind of account has the rule of deactivation.

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Generally, banks put those accounts in the category of inactive, in which no transaction has been done in the last two years. The deactivation period may be different for different banks. If you want to activate your inactive account, then you will have to complete your KYC by visiting the bank.

After completing the KYC process, you can withdraw the money deposited in the account. Along with this, you can also use net net banking, ATM or mobile banking. If you do not need the account then you can also close the account.

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During the budget speech, the Finance Minister said that now the KYC process will be simplified. It will be made fully digital by talking to the financial system. Finance Minister Sitharaman further told in his speech that PAN will be identified for all digital systems. Unified Filing Process will be setup.

One stop solution and will be done for identity and address. It will be a one stop solution through Digi Locker and Aadhaar. There will be data in one place through the common portal, different agencies will be able to use it. Due to this, there will be no need to give data repeatedly, but for this the consent of the user will be very important.

BankBazaar CEO Adil Shetty on simplification of KYC process said, “Simplification of KYC process was necessary to support Digital India. It is a very good decision. Every financial regulator will now review and update the Master KYC.” Will issue. Access to data will be easy through the National Data Governance Policy.

What did the Finance Minister say in the budget speech?

Finance Minister Sitharaman said that the Indian economy has become more formalized, witnessing significant growth in digital payments. The country offers immense attractions to domestic and foreign tourists, there is immense potential to be tapped in tourism.

The Finance Minister said that to realize the vision of Make in India and Make AI work for India, 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions. An expert committee will be constituted to make the infrastructure classification and financing framework suitable for Amrit Kaal.

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