CKYCRR 2.0, or the Central KYC Records Registry 2.0, is an upgraded and advanced version of India's centralized repository for Know Your Customer (KYC) records. It is being developed to address the limitations of the previous system by providing a more reliable and comprehensive database of KYC information. The new system aims to be a "single source of truth for KYC," ensuring that all customer data is accurate, complete, and up-to-date.
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is overseeing this initiative. The upgrade to CKYCRR 2.0 is part of a broader effort to tighten KYC compliances and address issues such as non-reliability of data and incomplete customer records. The new "single source of truth for KYC" system will be accessible to citizens, allowing them to view their KYC records and receive notifications whenever their information is uploaded, updated, or downloaded by financial institutions.
This move comes at a time when regulatory bodies are intensifying their focus on KYC compliance, with recent actions taken against business payment solution providers and other financial entities for violations related to KYC and anti-money laundering regulations.
Besides Infosys, there are other companies competing for the CKYCRR 2.0 project. While the specific names of these companies have not been disclosed, it is known that several large IT firms were invited to bid for the project. The tender process involved a pre-bid meeting with prospective bidders and was managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
The bidding process was quite competitive, and potential bidders, including Infosys, had shared pre-bidding suggestions and challenges before finalizing their submissions. The tender, which was initially set to close on April 16, 2024, was extended to May 15, 2024, after requests from bidders¹. This indicates the high level of interest and the critical nature of the CKYCRR 2.0 project.
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