Central KYC Revamp: Financial Services Secretary Holds Meeting

New Delhi, Apr 2 (PTI) Financial Services Secretary M Nagaraju on Wednesday chaired a meeting to discuss the revamp of the Central KYC Records Registry and key issues related to Know Your Customer compliance for easy availability of financial services.

The meeting included senior officials from concerned Ministries/Departments, financial sector regulators, financial institutions, and other stakeholders, an official statement said.

In the meeting, Nagaraju emphasized the need for the modernization of the Central KYC Records Registry (CKYCR) and streamlining of KYC process, it said.

Key issues and 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, it said.

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