1️⃣ Featured Insight - CERSAI's New CKYC Compliance Rules: Unique IPs, Masked CKYC Numbers & API Changes
CERSAI (Central Registry of Securitisation Asse
t Reconstruction and Security Interest of India) has been doing a lot of regulatory changes in its process over the last few months. Here is everything you need to know about them:
💡Unique IP requirement
Each Reporting Entity (RE) must use a unique IP address for CKYC Search and download API and SFTP access.
Ensure that you are using a dedicated IP for accessing CKYC, else your API accesses might have been blocked.
Go for solutions which can deploy on your cloud / on-premise services, so that you are able to seamlessly access CKYC services.
💡Masking of CKYC number in search API response
Earlier the full unmasked CKYC number was available in the response of the CKYC search API.
Now, the CKYC number which comes in the API would be masked, i.e., only the last four digits of the CKYC number of the customer will be available after searching
Instead of the unmasked CKYC number, the API would return a CKYC reference number.
The CKYC reference number can be passed into the download API to download the KYC documents.
If the CKYC download API call is successful, then you will get the full CKYC number as a response.
Since CKYC search is free and the download API has a cost, there may be some extra cost implications for the RE.
💡How exactly CKYC Download is different from CKYC search?
CKYC download takes two inputs:
The CKYC number tag may be used to provide either the CKYC number (14-digit numeric value) or CKYC Reference ID (14- digit alphanumeric value.
Authentication factor of either Date of Birth or Pincode & Year of Birth or the mobile number.
A fallback mechanism must be created to do a download using all the three options, so that maximum coverage can be achieved.
2️⃣ Industry News Roundup
🗓️ RBI imposes fines to four P2P lending NBFCs. [Reference]
🗓️ RBI discourages NBFCs from giving perpetual credit lines to borrowers.Clarifies this is a domain of banks. [Reference]
3️⃣ Stats of the week
📊 In the fiscal year 2024, 63% of loans granted to the power sector originated from the three largest Infrastructure Financing Companies, a category of NBFC. This finding was highlighted in the International Monetary Fund's report, "India Financial System Stability Assessment."
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