FM proposes ‘risk-based’ KYC instead of current ‘one size fits all’ approach
PTI, Feb 1, 2023, 3:04 PM IST
The government on Wednesday proposed to simplify the KYC procedure by adopting a ‘risk-based’ rather than the ‘one size fits all’ approach currently in practice.
In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a ‘one stop solution’ for identity and address updating through the DigiLocker service.
Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies.
”The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach,” Sitharaman said as she presented the last full budget before the 2024 general elections.
The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India.
She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities, will be established using DigiLocker service and Aadhaar as foundational identity.
Sitharaman further said for the business establishments required to have a Permanent Account Number, the PAN will be used as the common identifier for all digital systems of specified government agencies.
”This will bring ease of doing business; and it will be facilitated through a legal mandate,” she said.
For obviating the need for separate submission of same information to different government agencies, the minister proposed to set up a system of ‘Unified Filing Process’.
Such filing of information or return in simplified forms on a common portal will be shared with other agencies as per filer’s choice.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
SCs, STs, OBC communities will support BJP in upcoming elections: Minister Kota Srinivas Poojary
At least 8 killed in temple stepwell collapse in Madhya Pradesh’s Indore
Will Yediyurappa’s son Vijayendra take on Siddaramaiah from Varuna in Assembly poll?
Related Articles More
NCLAT upholds Rs 1,337.76 crore fine imposed on Google by CCI
All techies fired as Microsoft’s GitHub sacks 142 India staffers: Report
No charge on normal UPI payment; interchange fee is for PPI merchant transactions, says NPCI
Apple rolls out buy now, pay later service, with guardrails
Licences of 18 pharma firms cancelled for manufacturing spurious drugs, 26 issued show-cause notices
PM Modi makes surprise visit to new parliament building, inspects various works
Religion gives sense of duty, connects us with moral values: Adityanath
Udupi: “Bhavani Residency” housing complex to be inaugurated on March 31
Udupi: Working journalists’ association calls for crackdown on fake journalists
Ahead of Assembly elections, poster of biopic on Siddaramaiah-‘Leader Ramaiah’ released