Budget 2023: On February 1, while presenting the Union Budget 2023 in February, Finance Minister Nirmala Sitha Raman announced expanding the scope of documents in Digilocker to allow more fintech services to access access and leverage the platform which aims to facilitate more innovative fintech services.
To enable more fintech services, the range of documents available on Digi Locker for individuals is expanded, a DigiLocker entity will be set up for use by MSMEs, large enterprises and charitable trusts to save money. Store and share documents securely online
— PIB India (@PIB_India)
February 1, 2023
A DigiLocker entity will be set up for use by MSMEs, where large businesses and charities can securely store and share documents online.
Due to COVID-19 protocols, copies of the Budget were disseminated electronically this year with documents uploaded to the government website as well as made available on a special app developed for Similar applications. So this year no documents will be printed.
Let’s learn in detail about Digilocker’s new expanded range here.
What is DigiLocker?
- DigiLocker was launched by Prime Minister Modi in July 2015.
- This is the government’s official online digital document storage facility.
- Currently, the platform is largely accessible only to individuals.
- Under the new initiative, digitized documents will be made available to businesses.
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Digilocker: Extended range
- The KYC process will be simplified by adopting a risk-based approach.
- This is a comprehensive solution to update identity using Digilocker service and Aadhaar as basic identity.
- PAN will be used as a universal identifier.
- Enterprise-grade Digilockers will be introduced for MSMEs (small and medium enterprises), trusts and other organizations.
- This will expand the range of documents currently available in Digilocker.
- Adhar is a universal identifier for digital systems
- More than 39,000 compliances were reduced to improve ease of doing business.
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Finance Minister Nirmala Sitha Raman announced
“A comprehensive solution for collating and updating the identities and addresses of individuals maintained by various government agencies, regulators and regulated entities will be established using Using DigiLocker and Aadhaar services as basic identities.”
She also said that to support more Fintech innovation services, the range of materials available in DigiLocker for individuals will be expanded.
she added
“Fintech services in India are already supported by our digital public infrastructure, including Aadhaar, Prime Jan Dhan Yojana, Video KYC, India Stack and UPI. To support multiple services With more Fintech innovation, the range of materials available in DigiLocker for individuals will be expanded
“The DigiLocker entity will be set up for use by MSMEs, large businesses and charities. This will aim to securely store and share documents online, whenever needed, with various agencies, regulators, banks and other business entities.”
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Bottom line
This means that Digilocker will be a comprehensive KYC maintenance method for MSMEs.
It will allow companies to make changes to their important documents and that will be reflected in all documents linked to their Digilocker.
Digilocker and Aadhar will be used as a comprehensive solution to address KYC needs.
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Source: pagasa.edu.vn