The government will set up a National Data Governance Policy to unleash innovation and research by start-ups and academia, Finance Minister Nirmala Sitharaman said in the Budget 2023-24, on Wednesday.
“This will enable access to anonymised data,” she said.
Meanwhile, for simplification of the Know Your Customer (KYC) process, she said it will be simplified by adopting a ‘risk-based’ instead of a ‘one size fits all’ approach. “The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India,” the FM said.
A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will also be established using DigiLocker service and Aadhaar as foundational identity.
“For the business establishments required to have a permanent account number, the PAN will be used as the common identifier for all digital systems of specified government agencies. This will bring ease of doing business, and it will be facilitated through a legal mandate,” she added.
