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Informist, Wednesday, Apr. 9, 2025

--Simplifying e-KYC a priority for us

MUMBAI – Simplifying central know-your-customer processes remain a priority for the Reserve Bank of India and it is looking to make it easier and cheaper, RBI Governor Sanjay Malhotra said at the post policy press conference on Wednesday. 

In order to achieve this goal, the central bank is working closely with banks and other parties, Malhotra said. However, this is a difficult process as there are multiple regulated entities in India doing KYCs on different levels. In order to bring a unified data base, the finance ministry has proposed to lauch a revamped central KYC, the governor said. On Apr. 2, the Financial Services Secretary M. Nagaraju chaired a meeting to discuss the revamp of the central KYC. So far, the ministry has received 1 billion records which will help in improve the quality, he said. 

The central bank has also asked regulatory entities to check if the customer already holds a central KYC account before doing a fresh KYC, Malhotra said. Noting the difficulties, the governor said that implementation may take some time as banks would need to bring changes in its systems.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Siddhi Chauhan

Edited by Akul Nishant Akhoury

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