There will be less hassle with Know Your Customer regulations, and the Permanent Account Number (PAN) will be the universal identity for all digital platforms.
Finance Minister Nirmala Sitharaman said on Wednesday that all digital systems used by some government agencies will have a permanent account number (PAN) as a way to identify them.
On February 1, 2023, Sitharaman gave her speech to parliament when she unveiled the Union Budget for 2023-24.
The finance minister mentioned the government’s plans for a national data governance framework in her Budget 2023 address.
Propelld’s VP of Strategy, Ravi Kishore Goyal, made the following statement “To that end, Finance Minister Nirmala Sithraman has unveiled a budget that prioritizes fostering growth in emerging industries like the financial industry. The government’s Digilocker digital certificate depository is expanding its services to the financial technology industry, as was stated by the minister of finance. In support of the government of India’s Digital India program, the Ministry of Electronics and Information Technology has launched a new online service called DigiLocker.
The Government digital certificate depository Digilocker would expand its services to the fintech industry, Finance Minister Nirmala Sitharaman said.
“DigiLocker’s growth in the financial technology sector will center on improving access to vital documents so that we can collaborate with public sector banks to increase productivity while simultaneously decreasing the likelihood of fraud and security breaches. Digital services, PM Jan Dhan Yojana, the Indian Stack, and UPI have helped propel the fintech industry forward. As a result, we are thrilled with this development, and we are confident that digital lockers will pave the way for safer financial dealings “Moreover, he said
Simplifying Know Your Customer (KYC) norms, using PAN as a standard business identifier, and expanding the use of Digi locker are all positive developments, according to Abhishek Dev, CEO of Epsilon Money Mart. These developments will help achieve the larger goals of making investments and taxes easier to understand and access, as well as expanding financial inclusion.
According to what the expert said, this will also speed up the growth of the formal economy and make things more open.
Using PANs as a universal identifier to simplify the Know Your Customer (KYC) regime is a game-changer for the FinTech industry as a whole. S Anand, CEO and Co-Founder of PaySprint
He went on to say that people will have more freedom now that it is easier than ever to keep their papers up to date with DigiLocker and Aadhaar.
“Know your customer (KYC) simplicity with a risk-based strategy to enable Digital India,” said BankBazaar.com CEO Adhil Shetty. So far, so good. Now, all banking authorities will examine and publish master KYC changes.
Shetty also said that the number of documents that can be accessed through DigiLocker will grow, and the national data governance strategy will make it possible for big data to be used to make public goods.
