Tired of submitting KYC documents again and again? Here's why RBI wants you to know your CKYC number

One number could save bank customers from repeatedly completing KYC formalities across different financial institutions. Called the CKYC number, this 14-digit identifier allows a single KYC record to be used across banks, insurance companies, NBFCs and mutual fund firms, making financial transactions faster and more convenient.

The Central Know Your Customer (CKYC) system was introduced to simplify customer verification and reduce paperwork. Instead of submitting the same identity and address documents every time they sign up for a new financial product, customers can use their CKYC record across multiple institutions.

What is a CKYC number?

A CKYC number is a unique 14-digit number linked to a customer's KYC details. The information is stored in the Central KYC Records Registry (CKYCR), a central database that can be accessed by regulated financial institutions when customer verification is required.

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Once a customer is registered under the CKYC system, banks, NBFCs, insurance providers and mutual fund companies can retrieve the KYC record from the central repository, reducing the need for fresh documentation in many cases.

Why should customers care?

For consumers who use multiple financial services, the CKYC system can help cut down on repetitive paperwork and speed up onboarding processes.

Some of the key benefits include:

• Reduced need to submit KYC documents repeatedly
• Faster account opening and verification processes
• Easier access to mutual funds, insurance policies and other financial products
• A single KYC record that can be used across multiple institutions
• Less paperwork and quicker processing of applications

The system can be particularly useful for customers who maintain multiple bank accounts or regularly invest through different platforms.

How to check your CKYC number

Customers can find their CKYC number through several channels:

• Contact their bank or financial institution
• Give a missed call to 7799022129
• Visit the official CKYC portal at ckycindia.in to check their details online

The Reserve Bank of India (RBI) has advised customers to be aware of their CKYC number and use it while accessing financial services. The regulator believes the system can make banking, investment and insurance-related processes more efficient and customer-friendly, according to a report by Economic Times.

As digital banking and online investing continue to grow, a CKYC number can help customers avoid repeated documentation, save time and enjoy a smoother experience across different financial institutions.