The bank of Baroda has announced and made it mandatory for every customer to complete the Central Know Your Customer (C-KYC) process before March 24, 2023. It was also said that in case customers do not conduct this procedure will result in their account deactivation.
However, this message was delivered to each of its clients via SMS and the bank also tweeted at the beginning of February 2023.
If you have received a Notice/SMS/E-mail for Re-KYC from the Bank and are yet to submit your KYC documents, we request you to visit your branch immediately and submit KYC documents.#BankofBaroda #AzadiKaAmritMahotsav @AmritMahotsav pic.twitter.com/zJDJxeHjLN
— Bank of Baroda (@bankofbaroda) February 1, 2023
Through this tweet, the bank alerted its customers about the email or SMS they sent to each of them and requested them to submit their KYC documents by visiting their nearest branch.
It has also been conveyed that if you’re a customer of the bank of Baroda and have not completed the C-KYC process yet, it is suggested to visit your nearest branch. You can either seek their assistance about what exactly Central Know Your Customer is and how it is processed.
The purpose of implementing Know Your Customer for each client is to save sensitive information of their clients present in digital form. However, through C-KYC, customers do not need to get the KYC process done multiple times for various purposes but is a more simplified and convenient process that can be used for multiple banking tasks such as getting a life insurance service, bank account opening, or opening a dematerialised account, etc.
In addition, with Central KYC, customers do not have to be involved in multiple KYC processes for numerous tasks. Not only this, but C-KYC also helps financial organisations to verify and authenticate their customers and ensure whether they meet KYC regulations or not. This C-KYC management is operated by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India, i.e. CERSAI.
The bank advises its customers to visit any branch of the bank of Baroda to get the process done. They can easily get this procedure done by submitting the required documents before the deadline, March 24, 2023, to avoid any inconvenience later on.