State Bank of India has frozen several customers’ bank accounts due to non-compliance with know-your-customer (KYC) standards. SBI customers have raised this issue on Twitter while tagging the official SBI Twitter handle. But why is this happening?
On December 30, 2021, the Reserve Bank of India issued a formal notification where it asked customers to get their KYC information updated by March 31, 2022, at the latest (extended deadline). Similarly, as per reports, in the month of July, the SBI suspended the accounts of its many customers. To the tweets that complained about this same issue, SBI responded, ‘Customers are required to update their KYC on a regular basis in accordance with the RBI mandate. As a result, consumers whose KYC updates are overdue receive notifications via several means, including SMS. According to this announcement, customers can either visit any of our branches to update their KYC information or send a copy of their KYC documents by registered mail to the branch’s email address (if the KYC details are unchanged).’
Now, if you’re also struggling with the same issue and want to update your SBI KYC, then we have a complete guide on how to do it online. Read on!