Mr. M. Nagaraju, Secretary, Department of Financial Services (DFS), chaired a meeting at Manthan, DFS on Wednesday, in which major issues related to the restructuring of the Central KYC Record Registry (CKYCR) and knowing your customer (KYC) were discussed on major issues related to compliance, which aims to make the life of citizens comfortable while taking advantage of financial services. The meeting included senior officials of the concerned ministries/departments, financial sector regulators, financial institutions and other stakeholders.
In the meeting, Mr. Nagaraju emphasized the need to modernize the Central KYC Record Registry (CKYCR) and to streamlined the KYC process. Major issues and challenges related to individuals and regulated institutions, steps taken by government and financial sector regulators and proposed measures to further increase the efficiency related to KYC process in financial sectors, reduce excesses and improve security were discussed in detail.
During the discussion, several suggestions were received from stakeholders who would be considered to make the KYC process more easier.
