Budget 2023: KYC compliance to be made easier; PAN to be common identifier for all digital systems

Financial Minister Nirmala Sitharaman on Wednesday announced that a permanent account number (PAN) will be used as a common identifier for all digital systems of specified for government agencies.

Sitharaman was presenting the Union Budget 2023-24 in parliament on February 1, 2023. Catch LIVE Budget 2023 updates here

The government will also bring national data governance policy, the finance minister said in her Budget 2023 speech.

On this, Abhishek Dev, CEO Epsilon Money Mart said, the simplifying of Know Your Customer (KYC) norms, using PAN as a common business identifier, and enhanced use of Digi locker are all welcome steps towards important objectives of simplification of investment, taxation, and better enhanced financial inclusion of individuals and businesses.

This should further increase the pace of growth of the formal economy and bring more transparency, the expert further said in its note.

Similarly, Adhil Shetty, CEO of BankBazaar.com said, “Know your customer (KYC) simplification with a risk-based approach to support Digital India. This is good. Each financial regulator will now review and release updates to master KYC.”

The national data governance policy for access to anonymous data will enable public goods for big data, Shetty further said and added that the DigiLocker document list will be expanded. 

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