Received a CKYC message? What is it, why does it matter, what are the benefits and other details

Received a CKYC message? What is it, why does it matter, what are the benefits and other details

CKYC stands for Central Know Your Customer or Central KYC. CKYC is a centralised system that generates a unique 14-digit number that is generated only once and can be used anywhere in the country.

RBI Advises Customers to Use 14-Digit CKYC Number

The Central KYC Registry allows a single set of verified identity records to be shared seamlessly across banks, mutual funds, insurance firms, and NBFCs. MUMBAI — The Reserve Bank of India (RBI) has issued a consumer awareness advisory encouraging bank account holders and financial investors to know and utilize their 14-digit CKYC (Central Know Your Customer) number. The single unified identifier allows financial institutions to retrieve existin…