Live run of Central KYC Records Registry from July 15: RBI

The Central KYC Records Registry, which will store and share KYC records of customers, would allow banks and other entities to upload data from July 15, RBI said today.
"The 'live run' of the CKYCR would start with effect from July 15, 2016 in phased manner beginning with new 'individual accounts'," the RBI said.
The Central KYC Registry (CKYCR) would receive, store, safeguard and retrieve the KYC records in digital form of a client, for which necessary amendments to the related rules have been made.
The KYC (Know Your Customers) records received and stored by the CKYCR could be retrieved online by any reporting entity across the financial sector.

Making changes in the KYC operationalisation of CKYCR and KYC norms for Foreign Portfolio Investors, the RBI said banks and other regulated entities will capture the KYC information for sharing with the CKYCR.
Government has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), to act as and perform the functions of the CKYCR.

In the first phase, banks can upload the Know Your Customer (KYC) data with CERSAI, in respect of new individual accounts opened on or after July 15, 2016. Regulated Entities (REs) other than banks can also participate in the live run of CKYCR.

"Those REs which are not yet ready to join CKYCR process immediately, shall take steps to prepare their systems for uploading the KYC data in respect of new individual accounts so that the same is complete as soon as possible in a time bound manner," RBI said.
REs should prepare a plan for uploading the data in respect of existing individual accounts and include the same in their KYC policy, it added.