The Union Budget 2023 presented by the Finance Minister Nirmala Sitharaman has outlined several measures aimed at improving the data governance framework and simplifying the process of KYC. During the presentation, the finance minister stated:
“KYC process will be simplified taking a risk-based approach. One-stop solution for updating of identity will be established using Digi locker service and Aadhaar as foundational identity. PAN to be used as common identifier for all digital systems of govt agencies.”
FM also said, A national data governance policy will be introduced.
These measures are aimed at ensuring the protection and responsible use of citizens’ personal data, improving the ease of doing business, and providing citizens with a seamless experience while interacting with government agencies. The simplification of the KYC process, along with the introduction of a one-stop solution for updating identity information, is expected to reduce the burden on citizens and businesses.
The use of PAN as the common identifier across all government digital systems is expected to further streamline the process and increase the efficiency of government services.
