Central-kyc

• The Central KYC (cKYC) has been brought in to make the life easier for investors as well as for service providers.
• Central KYC (CKYC) registry acts as a centralized KYC repository which stores information/documents

What is cKYC?

The Central KYC (cKYC) has been brought in to make the life easier for investors as well as for service providers.
Central KYC (CKYC) registry acts as a centralized KYC repository which stores information/documents pertaining to a customer who is undertaking a financial transaction or availing a financial service. The Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) was incorporated under Section 8 of the Companies Act, 2013 by the Government and it was given the responsibility of managing the CKYC registry.
So completing KYC process with any bank, Mutual Fund, or an insurance company will be enough and we won’t have to do this process again anywhere.
Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector.
CERSAI will assign a 14 digit KYC id to every individual which can be used for KYC authentication for that individual across the financial industry.

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Process Of KYC

To avail any service of Banking/Finance/Insurance sector :

Customer has to provide his Identity Proof

Customer has to provide Residence Proof

Each organization is performing Customer verification by sending executive to customer residence / work place and cross check the information given by customer

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Document Required

A filled & signed CKYC form.

A self-attested Proof of Identity.

A self-attested proof of Address.

A photograph

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What is to be done by bank?

Banks has to provide KYC data of all individual account to Central KYC Registry (CKYCR).

Government of India has instructed all intermediaries through letter on Oct 04,2 016 to upload all KYC data on existing clients on CKYCR.

For all new account opened by a customer , all cKYC detailed to be obtained through a separate annexure.

An unique number will be generated which will work across the industry for future requirements of cKYC.

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New Customer Creation: CKYC

At the time of new Customer creation , check whether customer has already CKYC Number ?

Download the CKYC data from CERSAI site using CKYC number and DOB field of customer.

Store the CKYC number along with downloaded CKYC Data with customer profile

No need to send customer data to CERSAI again whose CKYC details already available at the time of customer creation.

If customer does not have CKYC number send incremental file to CERSAI to get CKYC number.

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