The general budget of the country has been presented. Finance Minister Nirmala Sitharaman presented the last full budget of Modi 2.0 in Parliament. During this, efforts were made by the government to focus on all the sectors.
During the budget speech, the Finance Minister said that now the KYC process will be simplified. It will be made fully digital by talking to the financial system. Finance Minister Sitharaman further told in his speech that PAN will be identified for all digital systems. Unified Filing Process will be setup.
One stop solution and will be done for identity and address. It will be a one stop solution through Digi Locker and Aadhaar. There will be data in one place through the common portal, different agencies will be able to use it. Due to this, there will be no need to give data repeatedly, but for this the consent of the user will be very important.
BankBazaar CEO Adil Shetty on simplification of KYC process said, “Simplification of KYC process was necessary to support Digital India. It is a very good decision. Every financial regulator will now review and update the Master KYC.” Will issue. Access to data will be easy through the National Data Governance Policy.
What did the Finance Minister say in the budget speech?
Finance Minister Sitharaman said that the Indian economy has become more formalized, witnessing significant growth in digital payments. The country offers immense attractions to domestic and foreign tourists, there is immense potential to be tapped in tourism.
The Finance Minister said that to realize the vision of Make in India and Make AI work for India, 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions. An expert committee will be constituted to make the infrastructure classification and financing framework suitable for Amrit Kaal.
