State Bank of India has warned its customers against Know Your Customer (KYC) frauds, according to Business Today India.
The bank said that the threat is very much real and has proliferated across the country. It also suggested ways to keep one's account safe from such frauds. This alert comes as SBI recently decided to permit acceptance of documents for KYC update through mail or post due to the difficulties faced by customers amid local lockdowns.
The Reserve Bank of India had also asked banks and other regulated financial entities not to impose punitive restrictions against customers for failure to update KYC till 31 December 2021.
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