New Delhi, Feb. 1 -- The know your customer (KYC) norms are set for an overhaul, signalling a move towards a central KYC or CKYC system that actually works.

In the Union Budget 2025 announced by Union finance minister Nirmala Sitharaman on Saturday, the Centre announced the rollout of a revamped CKYC (central know your customer) registry, aiming to simplify and unify the KYC process across various financial sectors.

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This initiative seeks to address the longstanding challenges investors face due to fragmented KYC procedures mandated by different regulators overseeing mutual funds, national pension system (NPS), insurance, and banking.

Amol Joshi, a mutual ...