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The RBI has said that all data related to KYC (know your customer) be made compliant as per CERSAI’s Common KYC (CKYC) format by March 31, 2017, according to sources. A meeting was held at North Block in the Capital to assess the implementation of CKYC, sources said.
The government in November 2015 had mandated CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) to be the sole repository of KYC information related to financial sector regulators. Uploading of KYC data in CKYC format for accounts opened after October 15, 2016, will be a requirement. Existing KYC registration agencies regulated by SEBI have to provide a new structure in their existing modules and make it CKYC compliant by December 31. Then the data has to be exported to CKYC.
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