Currently, any one of the six documents—passport, Aadhaar, voter ID, NREGA card, PAN card or driving license—are required as proof of identity and proof of address to open a bank account.
A senior executive of the bank told ET that a meeting was held with the bank officials last week in this regard. reserve Bank of India,
“The issue is that it becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents,” the executive quoted above said.
“It is being discussed whether we can collect information on existing accounts and a common format can be developed to take this forward,” the person said.
Another executive aware of the developments said the plan is to further strengthen the central KYC records registry, which can be accessed by entities operating under all four major financial sector regulators- RBI, market regulator Securities and Exchange Board of India, insurance regulator. could. IRDA and pension watchdog PFRDA.
CKYC is a 14-digit number and once an individual obtains this KYC Identification Number or KIN, it can be used across all financial service providers.