What is CKYC?
Central KYC (CKYC) is a directive of the Indian Ministry of Finance which aims to remove the redundancies in the KYC compliance process by creating a single database where all the KYC information of customers is verified and then stored. This database is called the Central KYC Records Registry (CKYCR). CKYCR is managed by the Central Registry of Securitisation, Asset Reconstruction and Security Interest of India (CERSAI).
CERSAI functions differently from other KYC Registration Agencies (KRAs), in that it’s a comprehensive database that verifies and stores customer KYC information, and doesn’t store in-person verified KYC information on individual systems.
CKYC needs to be completed just once to avail the financial services. Upon completion of CKYC after the submission & verification of the required documents, the customer will receive a 14-digit KYC Identification Number (KIN) via SMS on their registered mobile number and via email. The customer can then use KIN to complete KYC with any other bank, insurer, NBFC, or securities intermediary without submitting KYC documents all over again.
Businesses can simply use the KIN to retrieve the customer’s verified cKYC stored with CERSAI and complete KYC verification.
What do you get?
Digio CKYC registry API can be used to search for a user record from CKYC database directly, download a user's KYC details or upload details in CKYC.