CKYC stands for Central Know Your Customer, which is an initiative of the Indian government to standardize the Know Your Customer (KYC) process across all financial institutions. It is a centralized depository of KYC documents of customers availing various services of the financial sector. The CKYC registry is managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) . The aim of CKYC is to reduce the burden of KYC document production and eliminate redundancy in KYC compliance.
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 process. Upon successful registration, you will be provided with a 14 digit KYC Identifier Number (KIN) . You can check your CKYC number and status online by visiting the web portal of the financial institutions providing a CKYC check facility.
The benefits of CKYC include streamlined verification process, data privacy, and streamlined investment process. CKYC simplifies the KYC process by reducing the number of times an individual has to submit their information. CKYC is a one-time process that saves time and energy. It permits investors to complete their KYC just once, and CKYC consistency will enable an investor to execute/manage all elements administered/directed by the Government of India/various controllers (RBI, SEBI, IRDA, and PFRDA) without finishing different KYC conventions.
In summary, CKYC is a centralized repository of KYC documents of customers availing various services of the financial sector, which aims to standardize the KYC process across all financial institutions. It simplifies the KYC process by reducing the number of times an individual has to submit their information and saves time and energy.