To simplify Know Your Customer (KYC) process for citizens and financial services firms, the government will soon rollout a revamped central KYC (CKYC) Registry-- the centralised database of all KYC records, Finance Minister Nirmala Sitharaman said for the Union Budget 2025-26.
The repository (CKYC Registry) is managed by The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). The system was created to reduce the need for repetitive KYC documentation and verification and improve efficiency by streamlining KYC processes across financial sectors.
In December, Moneycontrol had exclusively reported on CERSAI's ongoing plans to migrate to a new upgraded repository--CKYCRR 2.0--with better-streamlined processes for reporting entities (REs) besides throwing it open to citizens for the first time.
CERSAI to rebuild KYC repository; citizens to be allowed to access details, flag identity frauds
The government has been mulling over making CKYC as the “single source of truth for KYC”, and encourage REs to leverage CKYC records to avoid doing the process again and again for the customers at different sources.
The new system upgrade also comes at a time when the regulator has been tightening its grip on KYC compliances, with recent restriction on business payment solution providers (BPSPs) and Paytm Payments Bank Ltd (PPBL).
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