The recent amendment to Paragraph 56(h) of the Reserve Bank of India’s KYC Master Direction enhances the process for sharing and updating KYC data within the Central KYC Records Registry (CKYCR). Under this revision, regulated entities must now incrementally upload and refresh KYC records for both individual and legal entity accounts during periodic updates. This ensures that customer information, including accounts opened before specified dates, remains accurate and up-to-date. The streamlined, centralized approach helps reduce redundancy across financial institutions, strengthens compliance, and supports fraud prevention in India’s financial sector.
