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C-KYC Database
May 29 , 2023
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- The Reserve Bank of India (RBI) has recently classified the Centralised Know Your Customer (c-KYC) database as high risk, posing challenges for financial institutions.
- This move has prompted banks to explore alternative methods for customer authentication, such as video KYC or physical KYC.
- It is a centralized repository that stores or saves all the personal details of the customer.
- This helps to bring all the KYC processes on a single platform.
- The Central Registry of Securitization and Asset Reconstruction and Securities Interest of India (CERSAI) manages C-KYC Registry.
- The Union Budget of 2012-13 announced the C-KYC and commenced in July 2016.
