Finance Minister Nirmala Sitharaman, presenting the Union Budget 2025 in Parliament today, announced that a revamped central KNow Your Customer (KYC) registry will be rolled out soon.
Ms Sitharaman said that a streamlined system will be set up for periodic updating.
“Simplifying the KYC processes the revamped central KYC registry will be rolled out in 2025 we will also implement a streamlined system,” Ms Sitharaman said.
The Centre has proposed other measures for data protection regarding Central Know Your Customer (CKYC) such as Aadhaar, PAN card, Voter ID and driving licenses.
Presenting her eighth consecutive Budget, Ms Sitharaman said that the Centre aims to implement “transformative reforms” across several domains – including taxation. The Finance Minister claimed that Prime Minister Narendra Modi’s development track record over the last 10 years have received global attention.
“This Budget aims to initiate transformative reforms across six domains during the first five years. These will augment our growth potential and global competitiveness. The domains are taxation, power sector, urban development, mining, financial sector and regulatory reforms… agriculture as the first engine,” Ms Sitharaman said.
Ms Sitharaman said the government’s proposed measures span 10 broad areas but with a special focus on ‘garib‘ youth, ‘anna daata‘ and ‘nari‘.
