The Indian government is set to launch CYKYC 2.0, an upgraded version of the centralized Know Your Customer (KYC) system, CKYC, in response to security concerns flagged by the Reserve Bank of India (RBI). The new system, called the Central KYC Records Registry 2.0 (CKYCRR 2.0), aims to address data reliability and security vulnerabilities in the current CKYC framework. The upgraded system will migrate existing data and be managed by the Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI), which also manages asset security interests. This overhaul is designed to reduce fraud and improve the overall resilience of the KYC process.
*Disclaimer: Content can only be used for educational, informational, or editorial purposes. It cannot be used for sales, marketing, business, or promotional purposes. Articles cannot be altered, translated, or summarized. Some publications can excerpt exhibits with approval.*