What is CKYC?
Demystifying CKYC: A Comprehensive Guide to Central KYC Registry in India
What is CKYC?
Introduction to CKYC :
The Central KYC (CKYC) Registry serves as a centralized repository for KYC (Know Your Customer) records. When individuals submit their KYC documents, they are registered in the repository and assigned a unique CKYC number. This CKYC number can be used instead of submitting physical KYC documents for various financial transactions. It enables financial institutions to access the CKYC repository and verify the KYC details of their customers efficiently.
How is CKYC beneficial to me?
Once your KYC details are registered with the CKYC, you will receive a 14-digit KYC Identification Number (KIN). This unique KIN number can be quoted for any type of financial transaction, eliminating the need to resubmit your KYC documents unless there are changes in your KYC details. The KIN serves as a reference for financial institutions to access and verify your KYC information from the CKYC repository, making the process more convenient and streamlined for both customers and institutions.
Which all entities can register customers for CKYC?
Financial institutions that are registered under regulatory bodies such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA) have the ability to register their customers under the CKYC system. When you purchase financial products such as opening a bank account, demat account, buying an insurance policy, or investing in mutual funds, these institutions will register your KYC details with the CKYC repository. This ensures that your KYC information is securely stored and accessible to authorized entities for verification purposes, promoting regulatory compliance and customer convenience.
What is the process for completing CKYC?
When you purchase a financial product from a financial institution regulated by RBI, SEBI, IRDAI, or PFRDA, your KYC details will be registered with the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). To complete the registration process, you will need to submit the following documents:
CKYC application form*
PAN (Permanent Account Number)
Identity and Address Proof (such as a passport, driving licence, Aadhaar card, Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA, or any other document as notified by the Central Government in consultation with the regulator)
One recent passport-size photograph
Once your registration is successful, you will be provided with a 14-digit KYC Identifier Number (KIN). CERSAI will send an SMS/email to your registered mobile number once the KIN is generated, confirming your registration.
Please note that the availability and acceptance of certain documents may vary based on regulatory requirements and the specific financial institution you are dealing with. It is recommended to consult with the financial institution or refer to their guidelines for the exact documentation requirements.
How do I check my CKYC number?
To check your CKYC number and status online, you can follow these steps:
1. Visit the web portal of the financial institution that provides the CKYC check facility. Currently, Karvy (www.karvykra.com) and Central Depository Services Limited (www.cvlkra.com) offer this service.
2. On the web portal, look for the CKYC check section or a similar option.
3. Enter your PAN (Permanent Account Number) in the designated field.
4. Enter the security code or CAPTCHA provided to verify your identity.
5. Submit the information.
6. The web portal will display your CKYC status along with the relevant details.
Alternatively, you can approach the financial institution where you submitted your CKYC documents and request your CKYC number directly from them.
It's important to note that the availability of the CKYC check facility and the specific steps may vary depending on the financial institution and the CKYC service provider. It's recommended to refer to the instructions provided on the respective web portals or contact the financial institution for any specific queries or assistance regarding the CKYC check process.
Summary and Conclusion
In summary, CKYC represents a significant milestone in unifying and simplifying the KYC process in India. The comprehensive guide provided in this article helps demystify the intricacies of CKYC, highlighting its importance to various stakeholders. Through a centralized and standardized approach, CKYC fosters efficiency, reduces duplication, and strengthens anti-money laundering measures. As the CKYC framework continues to evolve, it is crucial for financial institutions, intermediaries, and customers alike to comprehend its benefits and align with its requirements, ensuring a robust and secure financial ecosystem