If you have a bank account in the public sector Bank of Baroda, then this news is for you. The bank has issued a notice asking its customers to undergo central KYC. According to the bank, customers who have received notice, phone, SMS and call from the bank to get C-KYC done, should immediately go to the branch and get C-KYC done.
In the notice issued on Twitter by Bank of Baroda, it has been said that all the customers who have received notice, phone, SMS and call from the bank to get C-KYC done. We urge them to submit KYC documents by visiting their nearest bank branch. If they have done so, ignore this notice.
Failure to submit KYC documents may cause problems
If you do not submit KYC documents, you may face a lot of hassles related to banking transactions. Money issued on your behalf may get stuck. With this, if someone has transferred money, then there can be trouble in that too. At the same time, if the transaction through ATM and check can also be affected.
What is C-KYC?
The full form of C-KYC is Central KYC. The biggest advantage of C-KYC is that after getting it done, you do not need to do separate KYC for bank account, buying insurance and investing in mutual funds. Due to this, your data is not duplicated with the institutions.
C-KYC is managed by CERSAI. Once C-KYC is done, banks, mutual funds and insurance companies do not need to do KYC again and again. All customer information is available from just one number.
