Secretary, Department of Financial Services chairs meeting on revamping of Central KYC Records and KYC related issues

Shri. M. Nagaraju, Secretary, Department of Financial Services (DFS) chaired a meeting today at Manthan, DFS to discuss the revamp of the Central KYC Records Registry (CKYCR) and key issues related to Know Your Customer (KYC) compliance with the objective of making life of citizen comfortable while availing Financial Services. The meeting included senior officials from concerned Ministries/Departments, financial sector regulators, financial institutions, and other stakeholders.

In the meeting, Shri. Nagaraju emphasized the need for the modernization of the Central KYC Records Registry (CKYCR) and streamlining of KYC process. Key issues & challenges concerning individuals and regulated entities, measures so far taken by the Government and Financial Sector Regulators and proposed measures for further enhancing efficiency, reducing redundancy and improving security relating to KYC process across financial sectors were discussed at length.

During the discussion, many suggestions were received from stakeholders which will be considered for further easing of the KYC process.