Kolkata: Have you heard of CKYC or Central Know Your Customer Number? It is a unique identification number of 14 digits, which makes the process of opening an account in banks and other financial institutions easy, fast and transparent. The Reserve Bank of India is constantly making people aware of the CKYC number and its importance. The CKYC number is linked to an individual’s KYC record. It is maintained in the Central KYC Records Registry (CKYCR). Once the KYC record is registered, different financial institutions can use the same record if required with the customer’s consent. This eliminates the need to complete a new KYC process every time.
The objective of CKYC system is to make the KYC process faster, easier and more effective for customers. Earlier, opening an account or investment in a new bank, brokerage house, mutual fund company, insurance company or non-banking financial company (NBFC) required submission of separate KYC. But CKYC makes the process simpler. Now if a customer has a CKYC number, then the concerned financial institution can get his KYC records from the central registry. This provides relief from repeated submission of documents, re-verification and long paper procedures. It also makes it easier to avail financial services and investment products.
CKYC number is a 14 digit unique identification number
It is maintained in the Central KYC Records Registry (CKYCR)
The biggest advantage is it obviates the need to submit KYC documents repeatedly
Where applicable banks, NBFCs, mutual funds, insurance companies and other regulated financial institutions
According to RBI, there are many ways to know CKYC number:
RBI has appealed to people to be aware of their CKYC status and be cautious while using financial services. The Central Bank through its “RBI Kehta Hai, Jaankar Baniye, Satark Rahiye” campaign is continuously making citizens aware of CKYC rules, its importance and safe financial transactions.
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Avijit Ghosal has been writing on topics of business, industry and investment for the past three decades. He also writes on the broad economy, infrastructure and issues in banking. He has worked for economic dailies such as the Business Standard, The Economic Times, business magazines such as Business Today, English broadsheet the Hindustan Times and Bengali daily Anandabazar Patrika before joining TV9 Network.