CKYC 2.0 to Replace Existing KYC Process from August

The Government has rolled out CKYC 2.0 (Central Know Your Customer), making the KYC process simpler and more seamless across banks, insurance companies, mutual funds and other financial institutions. Once a customer’s KYC is completed and stored in the central registry, participating institutions can access the verified details with the customer’s consent, reducing the need to submit the same documents repeatedly. The upgraded system also features better security, DigiLocker integration and faster verification.