PM Modi's masterclass on digital banking! From KYC to OTP, the PM shares the 'golden rules' of safe banking..

Prime Minister Narendra Modi, in his Mann Ki Baat address to the nation on February 22nd, emphasized the importance of completing Know Your Customer (KYC) formalities. He stated that everyone is familiar with the KYC process and explained why banks frequently ask customers to update their details to protect their money and personal information.

KYC is a mandatory verification process used by financial institutions such as banks and NBFCs to verify a customer's identity, address, and legitimacy during onboarding. It plays a crucial role in preventing financial crimes such as money laundering, fraud, and terrorism financing. Common KYC documents include Aadhaar, PAN, passport, and utility bills.

Why is KYC necessary?
Emphasizing the growing link between bank accounts and welfare services, PM Modi said that we all know that nowadays, pensions, subsidies, insurance, UPI, everything is linked to bank accounts. He added that timely KYC ensures your account remains safe and functioning smoothly. This is also because most financial services are moving to digital platforms. He urged people to promptly update their banking details to keep their accounts secure.

Cyber ​​Fraud Warning
The Prime Minister also warned people against increasing cyber fraud, saying that scammers make fraudulent calls, send SMS, links, etc. Therefore, we need to be cautious and not fall prey to such fraudsters. He appealed for greater awareness about online financial threats. He advised people to rely only on official channels to update their details, and to perform their KYC or reKYC through their bank, official apps, and authorized channels. He said that following the correct procedures is essential to avoid fraud.

Key Tips
Modi warned people against sharing sensitive information, saying, "Don't share OTPs, Aadhaar numbers, or bank account details with anyone, and most importantly, change your password regularly." He also urged the public to adopt basic digital safety practices in their daily transactions. Linking financial discipline to larger national goals, the Prime Minister said that completing KYC on time keeps your account secure and helps build a self-reliant India. He described safe banking practices as a step towards strengthening the country's digital economy. He concluded by saying, "Safe citizens make a strong India."

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