Central KYC Registry

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Digitalguy

My KYC details with HDFC BANK have been registered with Central KYC Registry.

Central KYC Records Registry is a centralized repository of KYC records of customers in the financial sector.It enables uniform KYC norms and inter-usability of the KYC records across the financial sector.

The registry is maintained by CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India),a Government of India undertaking and is authorized by the Government through a notification in the Official Gazette to receive,store, safeguard and retrieve the KYC records in digital form of a client as referred to in the Prevention of Money-laundering Act (PMLA), 2002.

Does anyone have any idea what this Central KYC Registry means?

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“The objective of KYC is to prevent banks from being used by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable banks to understand their customers and their financial dealings better, which in turn help them manage risks prudently.”

https://www.livemint.com/news/india/rbi-extends...

Deal Cadet Deal Cadet
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Digitalguy wrote:

Does anyone have any idea what this Central KYC Registry means?

seems similar to “MAPIN” (Market Participants and Investors’ Integrated Database) which was introduced (during Kirit Somaiya era) in early 2000s.


The form https://rbidocs.rbi.org.in/rdocs/content/pdfs/KYCLEN26115_A2.pdf looks comprehensive and it seems the 14-digit KIN gets issued within a week (4 working days) by CERSAI.

The IPV (in-person verification) of NRIs can be done later, when they are in India.

likely bottle-necks and mess: having spent avoidable time and money to get myself the MAPIN ID, only for it (MAPIN) to be scrapped later… i cannot help but address this;

just like when registering with UIDAI (or the ‘yet not finalised’ NRC) the submission of the officially valid documents (OVD) by fringe, marginalised populace might be an unfortunate difficulty which might force them out of the system ( even though there IS a provision of “small bank account” operation with some restricted KYC and 100000INR limit as on date. but the initial validity of these accounts will only be 12 months. such “small account” nidentification numbers start with the letter “S”).

Missing