In a move that will save a lot of banking hassle for customers, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) have directed banks and insurance companies to upload KYC documents relating to new accounts to a central server from July 15, reported Economic Times.

Securities and Exchange Board of India (SEBI) is also part of this initiative to facilitate mutual funds, brokerage firms and depository participants to offer services without asking customers to provide multiple KYC undertakings. Central Registry of Securitisation and Asset Reconstruction and Security Interest of India has been authorized by the government to perform the job of a central KYC registry.

A 14-digit KYC identifier will be generated when the KYC records are uploaded in the registry for the first time. The RBI has made it mandatory for banks to upload KYC documents for new accounts from July 15.