India Set for Unified Digital KYC Rollout
India is moving closer to a unified digital Know Your Customer (KYC) system through the Central KYC (CKYC) framework, aimed at simplifying customer verification across banking, mutual funds, and insurance. The new system will introduce an “accuracy score” that helps institutions assess the reliability of customer data while enabling faster and more secure onboarding.
According to Rakesh Dosi, Chief Business and Product Officer at Protean eGov Technologies, the accuracy score will not only provide consent-based customer data but also indicate how much the information can be trusted. SBI Funds Management’s Joint CEO, DP Singh, said the framework could significantly expand the investor base, noting that even a small percentage of State Bank of India’s 500 million account holders entering the investment market would create substantial growth. He added that the system could be rolled out across the industry within the next four months.
Insurance companies are also preparing for the transition. Paras Pasricha, Business Head at Policybazaar, said insurers are building the required capabilities, with real-time record updates expected. Initial implementation is likely to begin by the end of July, with the first phase of the unified KYC framework expected to go live in August.
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