This bank issues alert for customers: Complete this crucial task by March 24 or face potential loss
Alert issued by Bank of Baroda: The urgent task must be finished by March 24 or risk losing money.
Bank of Baroda (BoB) has declared that its clients need to finish Focal KYC (C-KYC) before March 24, 2023. Failure to do so may result in the deactivation of your account. Customers of BoB who have been notified by the bank via notice, SMS, or C-KYC should go to the branch closest to them and present the necessary documents.
A customer does not need to go through the C-KYC process again to open new accounts, buy life insurance, or open a demat account once they have completed it.
— Bank of Baroda (@bankofbaroda) March 13, 2023
Central KYC is a one-time process that disposes of the requirement for clients to finish KYC for different monetary administrations over and over. The bank matches information with the central KYC and submits digital C-KYC records. Central KYC makes it easier for banks and other institutions to determine whether or not the KYC rules have been followed.
The Central KYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), and this number can only be used to get information about the customer's KYC.
BoBhas asked its clients to finish C-KYC to keep away from bother or potential record deactivation. Customers may have trouble accessing their accounts if they do not complete the Central KYC process by March 24, 2023. As a result, BoB customers who have not yet completed their C-KYC should do so as soon as possible to avoid future issues.
