If you have an account with Bank of Baroda, then this news is very important for you. In fact, the bank has announced that by March 24, 2023, it is necessary for all customers to complete the process of Central KYC (CKYC).
Failure to do so may deactivate your bank account. For this, the bank is informing its customers by giving notice and through SMS. The bank has given this information in a tweet.
If you are a customer of Bank of Baroda and you have not yet completed the process of Central KYC, then go to your nearest branch and settle this work soon. If you do not do this, you may have to face trouble later. Let us know what is Central KYC and how it can be done.
What is Central KYC?
Through KYC, the bank saves the data of its customers in digital format. Earlier, customers had to get KYC done repeatedly for different purposes. But now this process has been simplified through Central KYC i.e. CKYC. Now customers will not need to do KYC again and again for all the tasks like opening an account, buying life insurance, opening a demat account. Now you have to complete this process only once.
Will get rid of the hassle of repeated KYC
Central KYC has to be done only once. With this, you will get rid of the hassle of repeated KYC for different financial services. When you get Central KYC done, the bank stores the C-KYC records in digital form and matches the information with Central KYC. Central KYC helps banks and other institutions to verify whether KYC norms are met or not. Explain that the management of Central KYC is done by the Central Registry of Securitization Asset Reconstruction and Security Interest of India i.e. CERSAI.
How can Central KYC be done?
To get Central KYC done, you have to visit the nearest branch of Bank of Baroda. Here you can easily complete this process by submitting all the documents required for Central KYC. If you do not complete the process of Central KYC, then the bank can deactivate your account. Due to this you will have to face trouble later.
