March 23, 2023

New Delhi: Banks are in discussion with the Reserve Bank to further strengthen the central know your customer (CKYC) format in order to avoid multiple accounts in the banking system with different KYC identification.

At present, any one of the six documents-passport, Aadhaar, voter’s identity card, NREGA card, PAN card or driving licence-is required towards proof of identity and proof of address to open a bank account.

A senior bank executive told ET that a meeting in this regard was held last week with officials from the RBI.


“The issue is that it becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents,” said the above quoted executive.

“It is being discussed if we can collate information of existing accounts and a common format can be developed to address this going forward,” the person said.

Another executive aware of the developments said that the plan is to further strengthen the central KYC Record Registry, which can be accessed by entities operating under all four major regulators of the financial sector-RBI, market regulator Securities and Exchange Board of India, insurance regulator Irdai and pension watchdog PFRDA.

CKYC is a 14-digit number and once an individual gets this KYC identification number or KIN, it can be used across all financial services providers.

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