If you are a PNB customer then from today you might face restrictions while operating your account. Do you want to know why? To know the answer, first, answer this next question first to yourself. Have you completed the KYC process as asked by the bank to be completed before August 31, 2022?
PNB Asked All The Customers To Complete KYC
“As per RBI guidelines, KYC updation is mandatory for all customers. If your account remains pending for KYC updation till 31.03.2022, you are requested to submit your KYC before 31.08.2022. Please contact your parent branch for updating the same. Failure to do the update may lead to restrictions of operations in your account”, said PNB in a tweet.
Which Class of PNB Consumers Are Required To Complete Their KYC?
Only those PNB customers are needed to complete the KYC process whose bank accounts have the deadline of due process as of March 31, 2022.
KYC stands for Know your customer, “The process of KYC helps the bank know about the customer’s identity, address, and financial history and to keep track of the money that is transacted or not for illegal purposes.”
Also, there is news for loan applicants, “PNB has raised the marginal cost of funds-based lending rate (MCLR) by 0.05 per cent across tenors from September 1, making most of the consumer loans costlier.”
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“The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday.”
