RBI- No Need for Verification at Branch Level If C-KYC is Done

Once KYC is completed at one branch of the bank, the account can be transferred to any other branch of the same bank. The customer would be able to transfer his or her account from one branch to another without restriction and on the basis of declaring his or her local address for communication.

Bank customers who have completed their KYC verifications online can do their annual updates and any changes to their personal information online. A bank should not require customers to come into the branch for verification/updates.

The governor stated that customers who have uploaded their KYC details on the central-KYC (C-KYC) portal should not be asked for verification by any bank. In this case, the customer can simply mail or message the bank using the registered email ID or mobile number to obtain the KYC details from the C-KYC portal.

Deputy Governor Rabi Sankar blamed a lack of awareness at the front end of banks, claiming that the central bank had repeatedly told banks not to bother customers with such details. According to Sankar, such things could be the result of a lack of understanding of the rules, and any dissatisfied customer can approach/write to the banking ombudsman about it.

What is CKYC?

C-KYC stands for Central KYC (Know Your Customer), a Government of India initiative. The goal of this initiative is to put in place a structure that allows investors to complete their KYC once before interacting with various entities in the financial sector. CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India), which has been authorised by the Government of India to serve as the Central KYC Registry, will manage CKYC (CKYCR). The goal of CKYCR is to alleviate the burden of producing KYC documents and having them verified every time an investor interacts with a financial entity for the first time. As a result, CKYCR will serve as a centralised repository for KYC records of financial sector investors.

What documents must be submitted to complete the C-KYC formalities?

The following documents must be submitted:

• You may submit any one of the following documents as proof of identity: PAN/passport/voter ID/driving license/Aadhaar card/NREGA job card/any other document notified by the central government.
• You may use the same proofs that you submitted as identity proof for address proof (except the PAN, since that does not specify the address). If your permanent address differs from your correspondence address, you must provide proof for both addresses.
• Copies of all submitted documents must be self-attested by the applicant and accompanied by originals for verification. If the original of any document cannot be produced for verification, the copies must be properly attested by entities authorised to attest the documents.