HDFC Bank & CERSAI Lead the Way in Enhancing Financial Security
Newzdaddy Business Updates
Synopsis of the Article:
- HDFC Bank and CERSAI conducted an awareness programme on the Central KYC Record Registry (CKYCRR).
- The programme was held in Mohali and attended by over 100 senior officials from banks and NBFCs across India.
- Participants included representatives from the Government of India, Ministry of Finance, RBI, Financial Intelligence Unit, CERSAI, and HDFC Bank.
- The session aimed to educate officials on Know Your Client (KYC), Anti Money Laundering (AML), and the usage of CKYCRR for secure and transparent financial transactions.
- Bhavesh Zaveri, Executive Director of HDFC Bank, highlighted the growth of CERSAI as a central data repository.
- Over 7,000 reporting entities and 100 crore customer records are registered with CERSAI.
- Umesh Kumar Singh, MD & CEO of CERSAI, explained how financial institutions can submit and access CKYC data.
- Customers can retrieve their CKYC number via a missed call or through CERSAI’s website.
- The event also addressed operational issues related to RBI’s Master Direction on KYC and AML compliance.
HDFC Bank, one of India’s leading private sector banks, in collaboration with the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), hosted a significant awareness programme on the Central KYC Record Registry (CKYCRR). The event, held in Mohali, aimed at educating financial institutions on the importance of a unified KYC system to enhance security, prevent fraud, and streamline customer verification.
With financial fraud becoming increasingly sophisticated, banks and financial institutions must stay ahead. CKYCRR serves as a centralized KYC repository that helps in seamless customer identification, thereby reducing risks related to money laundering and identity duplication.
The awareness programme attracted over 100 senior officials from private, public, and cooperative banks, as well as non-banking financial companies (NBFCs) across India. Representatives from the Ministry of Finance, the Reserve Bank of India (RBI), the Financial Intelligence Unit, CERSAI, and HDFC Bank were also present, underlining the significance of the discussion.
Speaking at the event, Mr. Bhavesh Zaveri, Executive Director of HDFC Bank, emphasized how CERSAI has evolved into a single-point repository for KYC documents and financial data. He highlighted that CERSAI now has over 7,000 reporting entities and maintains records of nearly 100 crore customers, making it an invaluable tool for financial institutions. He also acknowledged the support of the RBI in promoting the use of Central Know Your Customer (CKYC) data.
Meanwhile, Mr. Umesh Kumar Singh, MD & CEO of CERSAI, detailed the process of record submission under CKYCRR and its role in simplifying customer identification. He also educated participants on how customers can access their CKYC number through a missed call service or by visiting the CERSAI website and following simple steps.
One of the critical aspects of the programme was a discussion on the latest RBI Master Direction on KYC and Anti-Money Laundering (AML) compliance. Experts shared insights on how banks and NBFCs should submit customer records to CERSAI, ensuring regulatory adherence and minimizing errors.
With CKYCRR, banks and financial institutions can access verified customer data, leading to faster onboarding and reduced operational risks. This initiative also empowers customers by allowing them to retrieve their CKYC details effortlessly, making financial transactions more seamless.
HDFC Bank and CERSAI’s joint efforts in hosting this event reflect their commitment to creating a transparent and fraud-free banking environment in India. As the financial sector continues to grow, such initiatives will play a vital role in strengthening security measures and boosting trust among customers and institutions alike.