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.

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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