M Nagaraju, the Secretary of the Department of Financial Services (DFS), has emphasised the need to modernise the Central KYC Records Registry (CKYCR) and streamline the KYC process.

The DFS chaired a meeting to discuss the revamp of the Central KYC Records Registry and key issues related to Know Your Customer (KYC) compliance to make citizens’ lives more comfortable while availing of financial services.

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Those who attended the meeting included senior officials from concerned ministries and departments, financial sector regulators, financial institutions, and other stakeholders.

Addressing the meeting, the DFS Secretary also highlighted key issues and challenges concerning individuals and regulated entities. The DFS also shared the measures initiated by the government and financial sector regulators so far and proposed measures to further enhance efficiency, reduce redundancy, and improve security related to the KYC process across financial sectors.

During the meeting, many suggestions were received from stakeholders, which will be considered to further ease the KYC process.

It is to be highlighted that during the Union Budget 2025, Finance Minister Nirmala Sitharaman introduced a revamped Central KYC registry.

The new framework aims to simplify and standardise KYC procedures across financial sectors, reduce bureaucratic hurdles, and ensure greater security and efficiency.

The Budget 2025 announcement highlighted key enhancements to CKYC, including technology-driven verification methods and seamless integration with digital platforms.