Before the introduction of CKYC (Centralised Know Your Customer) in the market, financial institutions like banks, NBFCs, mutual fund houses, etc. conducted the KYC process separately to verify their customers.
However, you no longer have to go through this ordeal as CKYC has changed everything. As per the CKYC procedure, you need to register your documents in a centralised repository after which you will get a CKYC number. Now, every time a financial institution needs to verify your identity or address. You can share the CKYC number. It saves the hassles of submitting a fresh set of documents every time. Also, it makes the whole process much convenient and quicker for both the service provider and customer. Also Read: How CKYC Makes your Investment Process Easier
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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