Finance Minister Nirmala Sitharaman made several big announcements in her budget speech. Finance Minister Nirmala Sitharaman while presenting Union Budget 2025 in Parliament today announced that a revamped central Know Your Customer (KYC) registry will be launched soon.
” To simplify the KYC process for citizens and financial services companies, the government will soon launch a revised Central KYC Registry as a central database of all KYC records”, Finance Minister Nirmala Sitharaman said.
The central government has proposed other measures to protect data related to central CKYC like Aadhaar, PAN card, voter identity card and driving license.This repository (CKYC Registry) is maintained by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
What will be the Benefits?
The system was created to reduce the need for frequent KYC documentation, verification and increase efficiency by streamlining the KYC process in the financial sector.
The new system upgrade comes at a time when the regulator has tightened its grip on KYC compliance, recently cracking down on Business Payment Solution Providers (BPSPs) and Paytm Payments Bank Limited (PPBL).
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