By Jayshree P Upadhyay and Ashwin Manikandan
MUMBAI, July 24 (Reuters) - Indian banks and insurers will launch a common customer identification system in August, with **** et managers joining later, two regulatory sources and industry executives said, allowing customers to access financial products without separately submitting identification documents.
The new system, known as Central Know-Your-Customer 2.0 (CKYC), will only require the customer's consent for these institutions to fetch data stored at a central registry when opening an account or updating their details.
India has spent more than a decade trying to create a system similar to those in countries such as Singapore and several European nations, where digital identity frameworks allow customers to access multiple financial products through a common verification process.
It will also help combat fraud through easier monitoring, the regulatory sources said.
#financial
MUMBAI, July 24 (Reuters) - Indian banks and insurers will launch a common customer identification system in August, with **** et managers joining later, two regulatory sources and industry executives said, allowing customers to access financial products without separately submitting identification documents.
The new system, known as Central Know-Your-Customer 2.0 (CKYC), will only require the customer's consent for these institutions to fetch data stored at a central registry when opening an account or updating their details.
India has spent more than a decade trying to create a system similar to those in countries such as Singapore and several European nations, where digital identity frameworks allow customers to access multiple financial products through a common verification process.
It will also help combat fraud through easier monitoring, the regulatory sources said.
#financial
4 days ago
