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Central Know Your Customer (CKYC) is a central system of KYC started by the Indian government for the purpose of enhancing verification of identity from all financial institutions. With the implementation of CKYC, there is no need for a person to submit all KYC-related documents to every banking financial company, bank, mutual fund or insurance firm. Once the verification is done, a person gets a unique CKYC number and the tedious process of verifying the identity becomes a walk in the park.
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is responsible for the maintenance of the CKYC registry.
What is CKYC (Central Know Your Customer)?
Central Know Your Customer (CKYC) is a KYC registration system that provides a centralized database for customer information. Once an individual is verified, a CKYC Identification Number (KIN) is allocated.
The CKYC number can be utilized by,
- Banks
- Non-Banking Financial Companies (NBFCs)
- Mutual Fund Companies
- Insurance Companies
- Other financial firms
This way, one does not have to keep repeating the KYC every time he approaches a new institution.
Who’s Responsible For the CKYC Registry?
The CKYC registry is employed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
The CKYC registry safely keeps clients’ KYC documents and provides access to authorized financial organizations that can then verify clients’ details whenever needed.
Main Features of the CKYC
The Central KYC system provides a lot of advantages for both clients and financial institutions,
- One-time KYC registration for numerous financial services
- Unique 14-digit CKYC Identifier number (KIN)
- Central and secure database of clients
- Process of verification without papers
- Speedier process of registration in banking/ investment sphere
- Less duplication of KYC documents
- More securitization and transparency.
What is the significance of a CKYC Number?
A CKYC number eliminates the necessity of resubmitting KYC documents every time a transaction is made.
The key advantages of CKYC are mentioned below,
- Registration for KYC only once for all financial institutions
- Faster account opening and loan approval
- Easier investing in mutual funds and insurance
- Lesser paperwork and documentation
- Increased accuracy of customer data
- More transparency and adherence to laws
- More security of customer data
Documents Required for CKYC Registration
In order to conduct the CKYC process, the required documents are,
- Aadhaar Card
- PAN Card
- Passport or Driving License
- Utility Bill or Rental Agreement
- Recent Passport-sized Photograph
However, financial companies may require other documents as per the rules.
How to Register for CKYC
There are few steps that you need to follow to get your CKYC number.
Step 1
Go to any bank, insurance company, NBFC or mutual fund house or any of the authorized financial institution. Many institutions now also give CKYC registration online.
Step 2
Submit the relevant KYC documents, such as a proof of identity and proof of address and PAN.
Step 3
Complete the identity verification by using biometric or OTP verification, if required.
Step 4
The financial institution verifies your submitted documents and uploads your information to CKYC registry of CERSAI.
Step 5
On successful verification, you will get your CKYC Identification Number (KIN).
Procedure to Confirm Your CKYC Registration Status Online
You can confirm your CKYC registration status using the following procedure.
- Go to the official CKYC website.
- Fill number of your PAN or CKYC number.
- Complete the verification process according to steps.
- Find out the your status and details associated with the CKYC registration.
