PNB Issues KYC Update Reminder: Customers Must Comply By This Date To Keep Account Active; Here’s How To Do It

The nation's leading public sector bank, Punjab National Bank (PNB), on Monday urged customers to update their "Know Your Customer" (KYC) information by 10.04.2025 in accordance with RBI standards on Monday in order to ensure the seamless operation of their accounts. This only applies to customers whose accounts need to have their KYC updated by March 31, 2025.

PNB can provide their updated proof of identity, proof of address, proof of income, proof of PAN or Form 60, proof of identity, proof of address, proof of mobile number (if applicable), and any other KYC information at any branch as part of the KYC compliance procedure. By April 10, 2025, you can also do it via PNB ONE/Internet Banking Services (IBS) or by registered email or post to their base branch.

"Failure to update KYC details within the stipulated time may result in restrictions on account operations," said PNB in a release.

The Long-Term Issuer Default Rating (IDR) of Punjab National Bank (PNB) was recently affirmed by Fitch Ratings at 'BBB-' on March 11. The outlook remains steady. Fitch has also affirmed the bank's Government Support Rating (GSR) of 'bbb-' and raised its Viability Rating (VR) from 'b+' to 'bb-'.

One of the largest public sector banks in India, Punjab National Bank (PNB), recently revealed that the Reserve Bank of India (RBI) has fined the bank for operational irregularities found at two of its currency chest sites in Uttar Pradesh. Following note shortages discovered during Currency Verification and Processing System (CVPS) inspections, the RBI imposed a total penalty of Rs 5,28,000 on March 19, according to the bank's official regulatory filing under Regulation 30 of SEBI (LODR) Regulations, 2015. The penalties are particularly related to currency shortages at PNB's Currency Chests, which are protected bank locations that hold cash for the RBI to maintain efficient currency exchange. The bank's general operations, customer service, and financial performance won't be significantly impacted by the penalty.

The bank has two international branches and 10,168 domestic branches as of December 31, 2024. The bank has 63.3% of its branches in rural and semi-urban regions out of its total number. As of December 31, 2024, the bank's distribution network included 12,034 ATMs and 32,139 BCs, for a total of 54,341 contact points.