Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) and NSE’s subsidiary DotEx have launched an online Central Know Your Customers (CKYC) registry.
The move is likely to result in huge cost savings for all the financial institutions and customers. Investors and other individuals will benefit from CKYC record registry as it ensures a uniform KYC process and inter-usability of the KYC records across the entire financial sector.
CERSAI, a government undertaking, was entrusted with the task of maintaining CKYC Registry, while DotEx International is the managed-service provider for CKYC handling operations. With the centralised repository now functional, the financial institutions can verify and access records of their customers whose KYC data has been uploaded.
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