India Extends Deadline for KYC Masking to January 20, 2025

2024-12-19

The Indian government has announced an extension to the deadline for implementing the masking of sensitive KYC identifiers. This move aims to enhance data privacy and security for individuals.

Key Points:

Extension: The deadline for masking KYC identifiers like PAN, Aadhaar, Voter ID, and Driving License numbers has been extended to January 20, 2025.
Masked Information: Only the last four digits of these identifiers will be visible to authorized entities.
Enhanced Security: This measure is intended to strengthen data privacy and prevent unauthorized access to sensitive information.
Two-Factor Authentication: To access full KYC records, entities will need to authenticate themselves using a unique CKYC reference ID.
IP Address Restrictions: The CKYCRR is also implementing restrictions on IP addresses to further safeguard user data.
Direct Access: Regulated entities (REs) are now required to directly access KYC data using their own IP addresses, reducing reliance on third-party service providers.

What Undercode Says:

The Indian

The two-factor authentication system adds an extra layer of security, ensuring that only authorized individuals can access full KYC records. This helps to maintain the confidentiality and integrity of personal data.

The restriction on IP addresses further strengthens the security framework by limiting access to authorized entities and preventing unauthorized access from third-party service providers.

Overall, these measures align with global best practices for data protection and privacy. By implementing these safeguards, the Indian government is taking significant steps to protect the interests of its citizens and foster trust in digital transactions.