CKYC). Two of such measures are- masking KYC identifier details (PAN, Aadhaar, voter ID card, driving license etc) and unique IP address based authorised access. Earlier all your details were viewed and searched by any intermediary. Now these practices are starting to end as the government proposal of masking all KYC identifiers.
However, the industry players-banks, financial institutions essentially Regulated Entities (REs) voiced concerns about the government being very fast in implementing these measures and hence requested a deadline extension.
The Central Know Your Customer (CKYC) has listened to REs’ request and has extended the deadline for masking of KYC identifier documents from December 16, 2024, to January 20, 2024.
“In view of requests received from various Reporting Entities, it has been decided to defer the date of go live for masking of KYC Identifier from December 16, 2024, after 08:00 PM to January 20, 2025, after 8:00 PM,” as per an official communique from Central KYC Records Registry dated December 16, 2024.
This new system, which is now stated to be implemented from January 20, 2024, will only show the last four digits of the KYC Identifier document like Aadhaar, PAN, Voter ID Card, Driving License etc and masked the remaining details.
Finance
AI and Generative AI for Finance
By — Hariom Tatsat, Vice President- Quantitative Analytics at Barclays
Leadership
Business Storytelling Masterclass
By —