Central KYC Registry or CKYCR will now replace the existing multiple KYC submission process while opening savings bank accounts, buying life insurance or investing in mutual fund products into one time centralized process.
The Government of India has authorized the Central Registry of Securitization and Asset Reconstruction and Security interest of India (CERSAI) to manage this Central KYC Registry process. From 1st August, 2016 this new process will be applicable to all individuals.
Central KYC (cKYC) will store all the customer information at one central server that is accessible to all the financial institutions. After opening a KYC account, you will get a 14-digit identification number(KIN). So, you just have to show this number at the time of a new investment or purchasing a financial product with a financial institution. The number will have all your details saved centrally. It will save you and the company or bank from completing the tedious process of KYC all over again.