KYC Process to Get Simpler


KYC Process to Get Simpler

Finance Minister Nirmala Sitharaman announces the launch of unified CKYC Registry in 2025 to simplify the KYC process across various financial sectors

 
KYC

February 3, 2025 - Know Your Customer (KYC) procedures are set for a rehaul, moving towards a unified system in order to simplify KYC process. This will ensure customers are not hassled for regular KYC updates for different sectors pertaining to Mutual Funds, National Pension System, banking and insurance.

The Central Government is preparing to launch a new Central KYC (CYKC) Registry this year. Finance Minister Nirmala Sitharaman has announced that the new CKYC Registry will be launched in 2025 to simplify the KYC process across various financial sectors. A streamlined system will also be implemented for updating KYC records.

The CKYC Registry will be a central database where KYC records of all customers in the financial sector will be securely stored. The registry will use AI technology to verify identities and documents.

Through DigiLocker, customers will be able to securely store and access their KYC documents. They will also have the option to approve or deny access to their information via OTP.

The KYC documents will be cross-verified with government databases to prevent fraud in a timely manner. Additionally, financial institutions will be able to upload KYC records for free.

Source: Media Reports

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