Punjab National Bank (PNB) has announced that customers must update their Know Your Customer (KYC) information by April 10, 2025, to maintain uninterrupted account operations. The requirement applies to customers whose accounts are due for KYC updates by March 31, 2025, in accordance with Reserve Bank of India (RBI) regulations. The announcement supports India’s broader push toward enhanced digital identity verification, which has seen the implementation of various electronic KYC systems across financial institutions.
The bank has established multiple channels for customers to complete their KYC updates. Customers can visit any PNB branch in person to submit updated documentation, including proof of identity, proof of address, proof of income, and PAN card or Form 60. Alternatively, updates can be submitted through PNB ONE/Internet Banking Services (IBS) or sent via registered mail or email to the customer’s base branch. The multi-channel approach reflects the banking sector’s adoption of digital verification methods, similar to the Aadhaar Enabled Payment System (AePS) that has gained significant traction in India’s digital banking landscape.
PNB has indicated that accounts lacking updated KYC information after the deadline may face operational restrictions. The enforcement comes amid increasing concerns about digital fraud in India’s financial sector, with the country reporting significant losses due to digital fraud in fiscal year 2025. The bank currently maintains 10,168 domestic branches and two international branches, with 63.3 percent of its network serving rural and semi-urban areas as of December 31, 2024.
In a related development, the RBI recently imposed a penalty of Rs 5,28,000 on PNB on March 19, 2025, following operational irregularities discovered at two currency chest locations in Uttar Pradesh. The regulatory action underscores the increasing scrutiny of banking operations and compliance measures in India’s financial sector, particularly as the country continues to strengthen its digital identity and authentication infrastructure through initiatives like DigiLocker integration and enhanced KYC requirements.
Sources: Good Returns, Civils Daily, PNB India
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