Many banks, brokerages, insurers and mutual funds have stopped opening or processing new accounts because they cannot upload know-your-customer details to a central database.
The new registry will help individuals access a wide variety of financial services with a single 14-digit identifier. Regulators have instructed all financial institutions to use the Central Know-Your-Customer Registry (CKYCR), managed by Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai) for new customers.
Solving the KYC mess: 5 steps that SEBI has taken to make things easy
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