New Delhi: In a Budget speech with a wide-ranging focus on technology and tech-driven solutions, finance minister Nirmala Sitharaman pitched for simplification of the know your customer processes for financial services, gave the DigiLocker platform more utility for individuals as well as businesses, and allowed fintech platforms greater flexibility to tap India’s digital infrastructure. “Fintech services in India have been …
Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 in the Parliament on Wednesday. I propose to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. It is proposed to make amendments relating to exemption provided to charitable trusts and institution to …
Financial institutions will be able to have a ‘risk-based’ know-your-customer policy instead of a ‘one-size-fits-all’ one, Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2023–24. “The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India,” she added. Currently, the DigiLocker service allows users to store — …
