Earlier, customers had to get KYC done multiple times, but now this process has been simplified through CKYC.
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KYC (Know Your Customer) is a process that banks and other financial institutions use to verify the identity of their customers. It is an important step in preventing financial crimes such as money laundering and fraud. It is mandatory for all banks to get your KYC done and the Bank of Baroda has now issued a statement regarding the same.
Bank of Baroda has announced that by March 24, 2023, it is necessary for all its customers to complete the process of Central KYC (CKYC). It added that failure to do so might lead to the deactivation of the accounts. For this, the bank is informing its customers by giving them notices and sending SMS. It also tweeted about the same earlier this week.
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If you are a customer of the Bank of Baroda and you have not yet completed the process of CKYC, then it is advisable that you visit your nearest branch. Now, let us know what exactly Central KYC is 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 need not do KYC again and again for all the tasks like opening an account, buying life insurance and opening a demat account, among others.
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With Central KYC, you get rid of the hassle of repeated KYC for different services. CKYC helps banks and other institutions to verify whether KYC norms are met or not. The management of CKYC is done by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
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To get Central KYC done, you should visit the nearest branch of the Bank of Baroda. You can easily complete this process by submitting all the documents required for CKYC. You must complete the process before the deadline to save yourself from trouble later.
