India Begins Rolling Out CKYC 2.0 to Simplify Financial Onboarding

India is beginning a phased rollout of an upgraded Central Know Your Customer framework, known as CKYC 2.0, from August, aiming to make customer verification faster and more seamless across the financial system. Under the new system, a customer who completes a one-time detailed verification is issued a unique 14-digit CKYC number, which participating banks, insurers and other institutions can then access with the customer's consent, removing the need to resubmit identity and address documents at every firm. The initiative is being driven jointly by the Reserve Bank of India, the securities regulator SEBI and the insurance regulator IRDAI, with banks and insurance companies expected to adopt the framework first and mutual funds, brokerages and other regulated entities onboarding in phases later in the year. For consumers, the change is intended to mean quicker account opening, insurance purchases and investment onboarding, along with less paperwork. Regulators have not issued a joint public confirmation of the precise rollout date, so exact timelines may vary by institution. The move forms part of a broader push to digitise and streamline financial services access in India.