Budget 2023 | DigiLocker 2.0 to simplify digital ID processes for all

The scope of DigiLocker might be expanded such that residents should get their know-your-customer formalities accomplished solely as soon as and it might then be used to confirm different providers as properly, the union minister for electronics and data expertise Ashwini Vaishnaw mentioned.

Responding to a query from ET, Vaishnaw mentioned that DigiLocker will now be expanded for KYC throughout varied sectors. “So, for example, if you have already submitted documents for opening a bank account, then you do not have to repeat the process for insurance or a fresh home loan. That kind of facility is being created using DigiLocker,” Vaishnaw mentioned, including that “at least three countries” have been on the verge of beginning the implementation of the DigiLocker of their jurisdictions.

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“DigiLocker is a very effective tool… It is such an effective part of the Digital India vision of Prime Minister Narendra Modi.”

In her funds speech for 2023-24, Finance Minister Nirmala Sitharaman introduced that the KYC course of can be simplified by adopting a ‘risk-based’ strategy reasonably than a ‘one-size-fits-all’ strategy.

“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 mentioned.

The idea of public-private partnership in public digital infrastructure, which noticed successes in digital funds in addition to well being, can even be replicated in agriculture, Vaishnaw mentioned.Budget 2023: prolonged tax vacation will apply to lower than 1% Indian startups, say consultants

The non-personal information governance framework, introduced by finance minister Sitharaman throughout her FY24 funds speech, will assist to leverage non-personal authorities information to ship higher providers to residents, he mentioned.

“For example, we have weather and climate data sets going back 20-25 years. So, can these be used to make better and more authentic climate predictions for farmers? That is the thought process which we have used so that much such non-personal government data, by the use of artificial intelligence or other technologies, can be used,” Vaishnaw mentioned.

Also learn | Boost for fintech innovation: Govt to broaden scope of Digilocker, arrange AI facilities, streamline KYC, says FM

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