At current, any one of many six documents-passport, Aadhaar, voter’s identification card, NREGA card, PAN card or driving licence-is required in the direction of proof of identification and proof of deal with to open a checking account.
A senior financial institution govt informed ET {that a} assembly on this regard was held final week with officers from the RBI.
“The problem is that it turns into tough to hint a number of accounts of a person if they don’t seem to be linked and are opened with completely different KYC paperwork,” stated the above quoted govt.
“It’s being mentioned if we are able to collate info of current accounts and a standard format will be developed to deal with this going ahead,” the particular person stated.
One other govt conscious of the developments stated that the plan is to additional strengthen the central KYC Document Registry, which will be accessed by entities working beneath all 4 main regulators of the monetary sector-RBI, market regulator Securities and Change Board of India, insurance coverage regulator Irdai and pension watchdog PFRDA.
CKYC is a 14-digit quantity and as soon as a person will get this KYC identification quantity or KIN, it may be used throughout all monetary providers suppliers.
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