Infosys is poised to secure another significant government contract. According to a report by Money Control, Infosys has emerged as a leading contender for developing the government’s upgraded central repository of KYC records, CKYCRR 2.0. Earlier this year, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a statutory body under the Reserve Bank of India (RBI) that manages the system, issued a tender inviting major IT companies to bid for this crucial project.
The report indicates that potential bidders, including Infosys, have presented several “pre-bidding” suggestions and challenges before finalizing their proposals. Initially, the tender was set to close on April 16, but was extended to May 15 following requests from the bidders.
What the CKYCRR Update Entails
Since its inception in 2016, CKYCRR has served REs of all four major financial sector regulators—RBI, SEBI, IRDA, and PFRDA. This includes both private and government banks like HDFC, Canara Bank, and SBI; fintech apps like Paytm, PhonePe, and Razorpay; traditional and new-age brokerage firms such as Zerodha and Groww; mutual fund companies like SBI Mutual Fund, Nippon, and Tata Mutual Fund; as well as insurance aggregators like Acko and Go Digit.
The upgrade to CKYCRR 2.0 is part of broader government initiatives to prevent KYC misuse. The aim is to establish CKYC as the “single source of truth of KYC” and promote its use by Regulated Entities (REs), including banks, NBFCs, insurance companies, and mutual fund houses.
The new application is designed to address issues of inconsistent data, provide accessibility to citizens, and flag KYC-related frauds. The chosen IT company or ‘system integrators’ will be tasked with developing an advanced, scalable CKYCRR and migrating all existing data.
CKYCRR 2.0 will allow citizens to access their KYC records and receive notifications via email or SMS whenever their KYC is uploaded, updated, or downloaded by a financial institution or its partner fintech platforms.
A key upgrade is the addition of fraud detection capabilities. Citizens will be able to file complaints through the new application if they detect unauthorized REs downloading or updating their data from the repository.
What the Tender Note on CKYCRR States
“The existing application has been in operation since 2016. In order to meet evolving technological standards, security protocols, and user expectations, to enhance the feature of CKYCRR, operational efficiency, data security, and overall system performance, a new application can bring fresh perspectives, leverage new technologies, and a tailored approach to meet the unique needs,” CERSAI noted in the tender document.