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SBI asks customers to submit KYC detail or face a/c suspension

SBI asks customers to submit KYC detail or face a/c suspension
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First Published: Thu, Oct 23 2008. 02 29 PM IST
Updated: Thu, Oct 23 2008. 02 29 PM IST
PTI
Mumbai: Country’s largest lender State Bank of India today asked its customers to immediately comply with the Know-Your-Customer guidelines, failing which their accounts would be freezed.
“All account holders of the bank who have not yet complied with the KYC guidelines are hereby requested to make their accounts KYC compliant by contacting their home branches and completing the required documentation latest by 31 October,” SBI said in a notice.
As per provisions of the Prevention of Money Laundering Act 2002 and the direction given by RBI, all customers are required to comply with KYC guidelines.
Banks were advised to follow certain customer identification procedures for opening of accounts and monitoring of transactions of suspicious nature by the RBI in context of the recommendations made by the Financial Action Task Force on Anti-Money Laundering standards and on Combating Financing of Terrorism.
Failing to comply with the guidelines would result in freezing of account operations, it said.
“Several account holders have still not submitted local address and identity proofs, thereby violating the KYC guidelines issued by the apex bank on account opening,” a senior SBI official said.
Despite repeated reminders sent by the bank through registered and regular posts to such customers, there has not been any response yet and it seems they are not interested in operating the accounts, he said.
It is a final notice after which the accounts would be freezed, the official added.
The largest bank having a branch network of about 10,400 has over 13 crore customers.
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First Published: Thu, Oct 23 2008. 02 29 PM IST
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