KYC rules will change from August 1! CKYC 2.0 is coming, accounts will be opened without documents..

Indian banks and insurance companies will launch a common customer identification system in August, with asset managers expected to join later. This initiative will enable customers to access financial products without the need to submit separate identity documents for each one. News agency Reuters reported this information, citing its sources.

This new system will be known as 'Central Know-Your-Customer 2.0' (CKYC). Under this framework, when opening an account or updating details, these institutions will simply require the customer's consent to access data stored in a central registry.

For the past decade, India has been striving to establish a system similar to those in Singapore and various European nations, where digital identity frameworks allow customers to access multiple financial products through a unified verification process.

**Will also help curb fraud**