KYC For Payments App

Capital markets regulator Sebi on Thursday directed the KYC Registration Agencies to integrate their systems with Central KYC Records Registry and begin the uploading of KYC data from August 1. The KYC record of a client is uploaded on the system of KYC Registration Agencies (KRAs) by the intermediaries performing client due diligence. Additionally, the KYC information is uploaded on Central KYC Records Registry (CKYCRR) by the intermediaries. In a circular, Sebi asked registered intermediaries to continue to upload or modify the KYC information with proper authentication on the systems of KRA. Further, KRAs will upload the verified or validated KYC information onto the system of CKYCRR within seven days of receiving the same from intermediaries. "The KRAs shall integrate their systems with CKYCRR and commence the uploading of KYC records on CKYCRR from August 1, 2024," Sebi said. Further, KRAs will ensure that existing KYC records of legal entities and of individual clients are

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However, customers who have balances in such wallets or prepaid payment instruments need not worry about their money, RBI said