Bank of Baroda asks customers to complete CKYC by March 24
Earlier customers had to get KYC done several times, but now this process has been simplified through CKYC.
KYC (Know Your Customer) is a process used by banks and other financial institutions to verify the identity of their customers. This is an important step to prevent financial crimes like money laundering and fraud. It is mandatory for all banks to get your KYC done and Bank of Baroda has now issued a statement in this regard.
Bank of Baroda has announced that it is mandatory for all its customers to complete the process of Central KYC (CKYC) by March 24, 2023. It added that failure to do so may result in deactivation of the accounts. For this, the bank is informing its customers by giving notice and sending SMS. It had also tweeted about it earlier this week.
If you are a Bank of Baroda customer and have not yet completed the CKYC process, it is advised to visit your nearest branch. Let us now know what is Central KYC and how it can be done.
Through KYC, the bank saves the data of its customers in digital format. Earlier customers had to get KYC done multiple times for different purposes, but now this process has been simplified through Central KYC i.e. CKYC. Now, customers are not required to do KYC again and again for all operations like account opening, life insurance purchase and demat account opening.
With Central KYC you get rid of the hassle of getting KYC done repeatedly for various services. CKYC helps banks and other institutions to verify whether KYC norms are met or not. CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
You should visit the nearest branch of Bank of Baroda to get the Central KYC done. You can easily complete the process by submitting all the documents required for CKYC. You must complete the process before the deadline to save yourself from trouble later.
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