Lenders need OTP consent for KYC data access

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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…



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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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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