Budget 2023: On February 1, while presenting the Union Budget 2023 in February, Nirmala Sitha Raman Finance Minister announced expanding the scope of documents on Digilocker to enable more fintech services to access and leverage the platform with the aim to enable more innovative fintech services.
To enable more fintech services and expand the reach of documents available on Digi Locker for individuals, a DigiLocker entity will be created for MSMEs, large enterprises and charitable foundations to use to securely store and share documents online.
—PIB India (@PIB_India)
February 1, 2023
A DigiLocker entity will be created for use by MSMEs, where large businesses and charitable trusts can securely store and share documents online.
Due to the COVID-19 protocol, copies of the Budget have been disseminated electronically this year and the documents are uploaded on the government website and made available on a special application developed for the same. Therefore, no documents have been printed this year.
Let’s know in detail about the new expanded reach of Digilocker here.
What is DigiLocker?
- DigiLocker was launched in July 2015 by Prime Minister Modi.
- It is the government’s official online digital document storage facility.
- The platform has largely been accessible only to individuals until now.
- According to the new initiative, companies will be able to obtain digitized documents.
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Digilocker: the expanded scope
- The KYC process will be simplified by adopting a risk-based approach.
- It is a comprehensive solution to update identity using Digilocker service and Aadhaar as core identity.
- PAN will be used as a common identifier.
- Enterprise level Digilockers will be introduced to MSMEs (micro small and medium enterprises), trusts and other entities.
- This will expand the scope of documents currently available in Digilocker.
- Adhar is the common identifier of digital systems.
- More than 39,000 compliances are reduced to improve the ease of doing business.
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Finance Minister Nirmala Sitha Raman said
“A comprehensive solution will be established for reconciling and updating the identity and address of individuals maintained by various government agencies, regulators and regulated entities using DigiLocker and Aadhaar service as core identity.”
He also said that to enable more innovative Fintech services, the scope of documents available on DigiLocker for individuals will be expanded.
She further added
“Fintech services in India have been facilitated by our public digital infrastructure, including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI. To enable more innovative Fintech services, the scope of documents available on DigiLocker will be expanded to individuals.
“An Entity DigiLocker will be created for use by MSMEs, large businesses and charitable trusts. “This will aim to securely store and share documents online, where necessary, with various authorities, regulators, banks and other commercial entities.”
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Bottom line
This means that Digilocker will be the comprehensive KYC maintenance method for MSMEs.
It will allow companies to make changes to their important documents and that will be reflected in all their documents that are linked to Digilocker.
Digilocker and Aadhar will be used as an end-to-end solution addressing KYC needs.
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Source: ptivs2.edu.vn