The main objective of the Central Know Your Customer (CKYC) initiative is to set up a framework that stores KYC documents. Launched by the Indian Central Government, it ensures that investors and traders need to go through the KYC process only once.
With this initiative, the government aims to reduce the cumbersome procedure of completing KYC processes whenever you wish to interact with financial companies. CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India) oversees the initiative.
The Central KYC Registry, or the CKYCR, stores all KYC-related information about investors in the Indian market. Read on for an in-depth overview of CKYC, its importance, and more.
The CKYCR stores all KYC and relevant information of every investor/trader in the Indian financial market. This body is in charge of maintaining standard norms related to KYC. It also enables free inter-usability of all records across pertinent sectors.
The launch of the Central KYC initiative helps reduce the hassle investors and traders go through with repeated KYC processes.
In addition to ensuring a one-time KYC process for all investors and traders, the CKYC initiative is uses electronic mediums to:
Safely store and process KYC data
Prevent fraud and scams
Ensure transparency and accountability
Reduce costs greatly
Ensure real-time notifications pertaining to KYC-related processes
The benefits of the Central KYC Registry are as follows:
There is a single, standard KYC process in place for all investors and traders engaged or planning to engage in the Indian financial markets.
The agency is responsible for ensuring due diligence of all information and processes.
The Central KYC Registry also helps prevent fraudulent activities like money laundering. This is done by ensuring that all KYC-related processes take place under its strict and diligent ambit.
Equipped with the latest technology, the CKYCR offers data management and synchronisation. This makes it easier to process the information received digitally.
The CKYCR is the sole body working on KYC-related information. It is thus able to reduce costs and increase efficiency of routine KYC checks and securing the collected data.
Using the latest technology, the initiative strives to ensure all concerned parties are notified of changes in their application status. This helps investors and traders in getting updated in real time.
As an individual, you need to furnish the following documents to complete the CKYC process:
Copies of Passport, Voter ID, Aadhaar card, PAN card, Driving licence (self-attested)
A sample of your signature
Details about the authorised representative (in the case of a minor)
Business entities wanting to complete the CKYC process need to furnish the following documents:
Signed registration form
Corporate identification number
Certificate, Licence, and Notification issued by the said regulator
Certified copy of the photo identity card of the user administrator
Certified identity proof of the user administrator
To complete the CKYC process, business entities need to follow the steps outlined below:
Step 1: Visit the CKYC website and click the ‘Register a New FI’ tab
Step 2: Fill in the details of the designated admins, who will be tasked with managing the details of the website
Step 3: Proceed by completing the requisite details about your financial institution, and the regulatory body of the registration
Step 4: Download, fill, and submit the FI registration form and the requisite documents
Step 5: Once you complete the registration, you and the nodal officer will receive a temporary reference number
Step 6: Finish the process by testing all functionalities mentioned in the checklist
If the details furnished by you are accurate and verified, CERSAI will approve your request.
Individuals need to follow the steps outlined below to complete the CKYC process:
Step 1: Visit the CKYC website and enter your PAN card details
Step 2: Proceed by entering personal information such as your name, email address, mobile number, and your Aadhaar number
Step 3: Upload self-attested copies of your Aadhaar and PAN cards
Step 4: Use the webcam to upload a photograph of yourself and also upload a copy of your signature
Step 5: You will be directed to an in-person verification via your webcam
Step 6: Finally, click on the ‘Submit’ button, and your application will then be sent for further review and approval
It is important to remember that if your KYC has already been verified, the site will prompt you to modify your existing details.
Once you complete the steps and successfully register on the CKYC portal, you will receive a 14-digit KIN or KYC Identification Number. Whenever you wish to avail of financial services, use this 14-digit KIN to indicate your CKYC is complete.
If you wish to check the status of your CKYC application online and prefer initiating a CKYC number check online, follow the steps mentioned below.
Step 1: Visit the CKYC website and use your credentials to log in
Step 2: Enter your PAN card number
Step 3: Proceed by entering the displayed security code
Step 4: The screen will then display your CKYC number and the status of your application
To update your CKYC details, follow the steps mentioned below.
Step 1: Visit the CKYC website, and use your credentials to log in
Step 2: Click on the ‘Update KYC’ tab
Step 3: Enter the verification OTP sent to your registered mobile number
Step 4: Update details such as your email address, mobile number, and residential address
There exist four kinds of CKYC accounts:
This account is created when you submit any of the following six documents during the time of application:
NREGA job card
If you do not have any of the listed official documents at the time of application, you can open a small CKYC account. You can do this by submitting your duly filled form along with a photograph.
Keep in mind that such accounts have limited validity and are marked by restricted transaction limits.
When completing your application form, if you are unable to submit any of the six listed documents, you can proceed by submitting your form along with OVDs (Other Valid Documents), as specified by the RBI.
You can create this account by submitting an Aadhaar PDF file, authorised using an OTP.
The difference between a normal KYC, eKYC, and CKYC is as given below:
All companies registered with SEBI, RBI, IRDA, and PFRDA
KYC Form and Supporting Documents
CKYC form, Address proof, ID proof, and a photograph
In-person verification, once the application is submitted
Biometric or OTP based
Documents and application forms verified by CERSAI
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Authorised institutions, IRDAI, MCA, SEBI, and RBI, can access the CKYC records.
In the CKYC registry, available search tabs include Asset-based Searches, AOR Searches, Debtor-based Searches, MIS Reports, Online Reports, Batch Reports, and RMS Reports.
Yes, you require a digital signature to log in.
If your CKYC application is rejected, you will not receive notification of the same by CERSAI. However, the firm applying on your behalf will get notified and can re-apply.
You can expect to receive your CKYC ID and your KYC Identification Number (KIN) within 4-5 days of your application’s approval by CERSAI.
To obtain a CKYC number, you need to approach a financial institution registered with CERSAI and provide the required KYC documents and information. After verification, a CKYC number will be generated and provided by the financial institution.
CKYC is provided by the Central Registry of Securitization and Asset Reconstruction and Security Interest of India (CERSAI).