Lenders need OTP consent for KYC data access

The Central KYC (know your customer) Records Registry (CKYCRR) has made consent through OTP (one-time password) compulsory for sharing personally identifiable consumer data, adding an extra layer of safety against financial risk.

This comes on the back of the government wanting banks to use the C-KYC registry as the primary data source to authenticate a customer.

“There was a two-day meeting between finance ministry officials and banks, where we were told to rely on C-KYC as the primary data source and also refrain from asking KYC data repeatedly…