Bank Account Holders: Bank of Baroda has warned its customers to complete their Central Know Your Customers (KYC) process this week. According to a statement by Bank of Baroda, all customers of the bank will have to complete the central KYC process (CKYC) by March 24, 2023. The bank has further said that failure to do so may lead to deactivation of the accounts.
Earlier this week BOB tweeted, ‘Customers who have received notices/SMS/calls for CKYC from the bank are requested to visit their branch immediately and submit KYC documents to their branch by 24.03.2023 . Please ignore if already submitted.’
— Bank of Baroda (@bankofbaroda) March 13, 2023
What is Central KYC Registry?
The Central KYC Registry aims to reduce the burden of producing KYC documents and verifying them whenever a customer establishes a new relationship with a financial entity. The Central KYC Registry is a centralized repository of KYC records of customers in the financial sector, with uniform KYC norms and inter-usability of KYC records across the sector.
The Central KYC application can be accessed by authorized institutions or other notified institutions under the Prevention of Money Laundering Act or regulations made by the Government of India or any regulator (RBI, SEBI, IRDA, and PFRDA).
