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One lakh entries but 1-KYC project still a dream

One lakh entries but 1-KYC project still a dream

Finance
BENGALURU: Along the lines of Tolkein’s “One ring to rule them all”, one of India’s most ambitious projects is the Central KYC Registry (CKYCR). It aims to do “one KYC for all accounts”. Be it banking, insurance or trading — the registry was supposed to make life extremely easy for the average Indian. Instead of submitting a plethora of documents to each and every financial institution, the CKYCR — under the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) — was supposed to be the master database, requiring only one-time submission of KYC details. Despite more than a lakh entities from the capital markets feeding their data into the registry since it started in June 2016, the project has still not taken off. This is primarily due t...