What Is The Central KYC Registry And How Does One Complete It?

Know Your Customer

Central KYC Registry (CKYCR)

The Central KYC Registry (CKYCR) is the central record of Know You Customer (KYC) information of all the customers in the financial sector in India. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is the authority to carry out the function of CKYCR that includes receiving, storing, protecting and retrieving KYC records electronically. The KYC records with the CERSAI are sufficiently backed up and tamper-proof to ensure that the data records cannot be lost or destroyed or accessed by unauthorized entities.

 The Central Know Your Customer (CKYC) includes additional information about an individual than general KYC or eKYC. CKYC fulfils the reporting requirement under Foreign Account Tax Compliance Act (FATCA) also.

Other KYC Registration Agencies (KRAs) are Computer Age Management Services (CAMS) and Karvy which are not centralized to maintain KYC information. They keep KYC records on their individual systems which are not available to other organizations. 

Purpose and Benefit of CKYC

CERSAI facilitates different financial institutions like banks, fund houses, NBFCs etc to get investors data in order to establish an account-based relationship. The KYC records on CKYCR can be retrieved online by all entities across the financial sector through uniform KYC templates. And investors do not need to register their KYC details with different financial institutions every time they make investments with them unless there is no change in the existing KYC details. 

Thus, CKYCR is a uniform KYC norm introduced to simplify the verification process of the KYC documents with the facility of inter-usability of the KYC records across the financial sector. It can help with various investment options like shares, bonds, NBFC FDs etc. 

If you are an individual looking for a safe and hassle-free investment avenue, you can consider Bajaj Finance FDs offering a lucrative interest rate of up to 7.25%. You can open an online FD account with Bajaj Finance without paperwork. Online investors will be offered additional interest rates on their FD accounts. Bajaj Finance Fixed Deposit is offering multiple benefits to its investors. Some of the benefits are mentioned below: 

  • The minimum investment amount is as low as Rs. 25000 to open a fixed deposit with Bajaj Finance.
  • It offers lucrative interest rates of up to 7.25%.
  • The entire process to open a fixed deposit account is 100% online and paperless.
  • The investment tenor for fixed deposits ranges from 12 months to 60 months. 
  • Investors can opt for receiving periodic interest payouts.
  • In addition, one can also avail loan against the fixed deposits easily. 

By CKYCR you can advantage of such lucrative instruments at the tip of your fingers and add to your portfolio. 

CKYCR for Individuals and Legal Entities

The CKYCR has already operationalised in 2017 to collect information on individual investors. Regulated Entities (REs) were already uploading the KYC data of all individual accounts to CKYCR. Now, as per the directives of the Reserve Bank of India (RBI), they need to upload KYC records of Legal Entity (LE) accounts also after the amendment in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. 

As per the RBI notification, all regulated entities are required to upload KYC data of legal entities account opened on or after April 1, 2021, on CKYCR. They are required to file an electronic copy of KYC records within 10 days from the commencement of an account-based relationship.

It will uniform and streamline the KYC process and remains time-efficient for both the REs and customers.

Central KYC Registration 

If you are a potential investor in the stock market, you need to undergo the process of CKYC registration.

When you approach a financial institution to make an investment, you need to submit the KYC form along with supporting documents. The institution will send the documents to the CERSAI. After the successful verification, your CKYC number will be generated and you will get notified through SMS and email. CERSAI does not send any post in physical form.

Your CKYCR will be a 14-digit number. Whenever you will go to any financial institution, you need not submit the KYC documents again for verification. The financial institution will submit your CKYC number to CERSAI and make a request to furnish your KYC records online. Thus, CKYC makes the whole procedure of investing easy and hassle-free.

You can check your CKYC number by log in to the website of CKYC India https://www.ckycindia.in/ckyc/index.php 

Thus, get your CKYC done to ease the process of investing in safe investment avenues like Bajaj Finance FDs.