Union Finance Minister Nirmala Sitharaman announced the roll out revamped Central KYC (Know Your Customer) in 2025 while giving her Union Budget 2025 speech on Saturday.
To implement the earlier announcement on simplifying the KYC process, the revamped Central KYC Registry will be rolled out in 2025. We will also implement a streamlined system for periodic updating.stated Nirmala Sitharaman.
Central KYC (cKYC) is a centralised repository of Know Your Customer (KYC) records, maintained by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
Central KYC (cKYC) was introduced in July 2016 by the Government of India under the Prevention of Money Laundering Act (PMLA), 2002 across financial institutions, eliminating the need for customers to complete KYC procedures multiple times with different entities.
It was implemented through CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) as the central repository for KYC records.
The Budget 2025 referred to Agriculture, MSMEs, Investment, and Exports as the engines of development. The Budget proposed development measures focusing on poor (Garib), Youth, farmer (Annadata) and women (Nari).
