New Delhi: A revamped Central Know Your Customer (KYC) registry will be introduced in 2025 to simplify and streamline KYC processes, Finance Minister Nirmala Sitharaman announced today while presenting the Union Budget 2025 in Parliament.
Key Highlights of the New CKYC System
The revamped Central KYC (CKYC) Registry will feature a streamlined system for periodic updates.
The new framework aims to reduce redundancies in KYC verification by integrating multiple identity documents, including:
Aadhaar
PAN Card
Voter ID
Driving License
Data protection measures will be enhanced to secure personal information.
Boost for Financial Inclusion & Ease of Doing Business
The simplified CKYC system is expected to:
Make financial transactions easier for individuals and businesses.
Improve customer experience by eliminating repeated verification processes.
Enhance security and data protection while ensuring compliance.
Part of Broader ‘Transformative Reforms’ Agenda
In her eighth consecutive budget presentation, Ms. Sitharaman highlighted the government’s continued focus on reforms, particularly in taxation, financial inclusion, and governance.
“Our development track record over the past 10 years has drawn global attention. The new CKYC system will ensure seamless transactions and better compliance,” she stated.
With this initiative, the government aims to modernize financial compliance, ensuring better accessibility and security for citizens.
Stay tuned to The Pragathi News for in-depth coverage of Budget 2025 and key reforms.