According to a tweet from Bank of Baroda (BoB), its customers must complete Central KYC (C-KYC) by March 24, 2023. Failure to do so may result in account deactivation. Customers of BoB who have received notice from the bank through notice, SMS, or C-KYC should visit to the closest branch and provide the necessary documentation. After a customer has completed C-KYC, they won't need to do it again to open new accounts to buy life insurance, or start a demat account, for example.
Customers no longer need to regularly complete KYC for numerous financial services thanks to the central KYC process, which is a one-time process. The bank electronically submits C-KYC records and compares data with the central KYC. Banks and other institutions can use central KYC to check whether certain requirements have been met. Only customer-related KYC information is accessible through this number, which is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
Customers of BoB have been asked to complete C-KYC in order to avoid inconvenience or possible account deactivation. If the Central KYC process is not finished by March 24, 2023, customers can have difficulty accessing their accounts. Customers of BoB are therefore urged to complete their C-KYC as soon as possible in order to prevent any future problems.