The Hindu·3 min read·medium
Common customer ID for banks, insurers soon; mutual funds to follow
R
Reuters
✦AI Summary
Indian regulators are launching a unified Central Know-Your-Customer (CKYC) 2.0 system in August to streamline identity verification across banks and insurance firms. This digital framework aims to simplify access to financial products and improve fraud monitoring by allowing institutions to share verified customer data with consent.
Banks and insurers will launch a common customer identification system in August, with asset managers joining later, two regulatory sources and industry executives said, allowing customers to access financial products without separately submitting identification documents.
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