The Central KYC Registry (CKYC) is a centralized repository of KYC (Know Your Customer) documents of customers availing various services of the financial sector. It is created with the intent to reduce the burden of submitting KYC documents for verification when starting a new financial relationship with a new finance company. The CKYC registry is managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI). The objective of CKYC is to reduce the burden of producing KYC documents and getting those verified every time when the investor deals with a financial entity.
When you purchase any financial product from any of the financial institutions regulated by RBI, SEBI, IRDAI or PFRDA, these financial institutions will register your KYC details with the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). You need to submit the CKYC application form and PAN to complete the registration process. Upon successful registration, you will be provided with a 14 digit KYC Identifier Number (KIN).
The CKYC number helps streamline the customer onboarding process for financial institutions and eliminates the need for repetitive paperwork. It acts as a single access point for financial institutions to verify customer details, eliminating the need for repetitive documentation and verification. With Central KYC, customers can quickly open bank accounts, apply for loans, or invest in financial instruments without extensive paperwork.
In summary, the Central KYC Registry (CKYC) is a centralized repository of KYC documents of customers availing various services of the financial sector. It is created to reduce the burden of submitting KYC documents for verification when starting a new financial relationship with a new finance company. The CKYC registry is managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI). The CKYC number helps streamline the customer onboarding process for financial institutions and eliminates the need for repetitive paperwork.
