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New Delhi: State-run banks are planning to set up a common video know your customer (KYC) hub, following the government’s discussions with financial institutions to fully digitise and integrate their KYC and business processes with the central know your customer registry (CKYCR) to promote inter-usability of KYC records and avoid multiple verifications.
“The idea is that CKYCR should become a single source of truth for KYC and serve as a dynamic single repository under a universal KYC framework,” said an official requesting anonymity, adding that besides integration for all public sector banks , the common video KYC hub will enhance convenience for customers as well.
The government wants regulated entities, including insurers and pension funds, to ensure that their systems are integrated to access CKYCR, which acts as a golden record, rather than uploading new documents and getting fresh verifications.
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“There is a need for regulated entities to adopt direct integration with the CKYCR registry and ensure real-time updates of records,” said the official.
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A significant number of new records uploaded on the CKYCR for identification get rejected because they are already in existing data, according to the official.
The move will also reduce the turnaround time for match reconciliation from the existing 10 days to almost real time, said another official. “New verification takes more time and has a cost. The CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) is in discussions with regulated entities to fully digitise the customer onboarding journey through CKYCR,” he said.
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India manages CKYCR.
“A revamped KYC will also help in developing products like Grameen Credit Score, which will promote financial inclusion and also keep a check on mule accounts,” said a bank executive, who did not wish to be identified.
Last year, an expert committee set up by the Department of Financial Services, under the finance ministry, recommended that regulated entities mandatorily verify the email and mobile number before uploading to CKYCR to prevent frauds.
Finance minister Nirmala Sitharaman announced in her budget speech that the KYC process will be simplified and a revamped central KYC registry launched in 2025. The government will also implement a streamlined system for periodic updating, she said.
The finance ministry said that this would help in developing artificial intelligence (AI)-based and face-match technology for de-duplication. The government further aims to ensure integration with DigiLocker for digital onboarding.
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