During the budget speech, the Finance Minister, Sitharaman, stated that the KYC process would now be simplified. Talking to the financial system will convert it to a fully digital state. In this statement, Finance Minister stated that all digital platforms would recognize PAN. A unified filing system will now be set up.
Identity and address checks will be performed in one place. Digi Locker with Aadhaar will provide a one-stop solution. Through the shared platform, data would be centralized and accessible by various agencies. Therefore, data will only be provided occasionally, but the user's consent will be crucial.
Adil Shetty, CEO of BankBazaar, commented on the need for the KYC process to be simplified in favor of Digital India. It is an excellent choice. The Master KYC will be reviewed and updated by every financial regulator. In addition, the National Data Governance Policy will make data access simple.
What did the Finance Minister state in the budget speech?
According to Finance Minister Sitharaman, the Indian economy has grown more structured due to the rapid expansion of digital payments. In addition, the country has a wealth of local and international tourist attractions and a wealth of immense tourism potential.
According to the finance minister, three Centers of Excellence for Artificial Intelligence will be set up in prestigious academic institutions to accomplish the goals of Make in India and Make AI work for India. In addition, an expert committee will be established to adapt the infrastructure classification and finance system for Amrit Kaal.