In a significant move, Finance Minister Nirmala Sitharaman unveiled the latest budget on Wednesday, unveiling numerous key announcements.
Among these, a pivotal update concerning Digilocker was also brought to light.
The government is poised to simplify the KYC (Know Your Customer) procedure, marking a significant leap forward.
During her Budget 2003 presentation, Finance Minister Nirmala Sitharaman had disclosed plans to enhance the scope of DigiLocker.
This platform will soon be extended to cater to individual micro, small, medium, and large enterprises.
This strategic expansion holds great promise for fintech services, curbing expenses for firms and fostering a more business-friendly environment.
Notably, Aadhaar, PM Jan Dhan Yojana, Video KYC, and fintech services find support within India’s digital public infrastructure, alongside India Stack and UPI.
Ashwini Vaishnav, Union Minister for Electronics and Information Technology, shared insights on the DigiLocker expansion.
He underscored that companies would need to complete KYC formalities just once, underlining the convenience factor.
The broader reach of DigiLocker aims to streamline diverse services, from banking to insurance or home loans, all under a single verification process.
This implementation aligns with Prime Minister Narendra Modi’s Digital India vision.
Minister Sitharaman’s budget speech for 2023-24 spotlighted the simplified KYC process and the Non-Personal Data Governance Framework, an instrument to harness non-personal government data for enhanced citizen services.
She illustrated how historical data, like weather records, could enrich services for farmers.
Empowering Individuals with Expanded DigiLocker
The expansion of DigiLocker will herald multiple benefits for the public. Ashwini Vaishnav noted the new avenues for KYC through DigiLocker, emphasizing its role in optimizing various domains.
For instance, if documents were previously submitted for a bank account, they can be leveraged for other services like insurance or home loans.
DigiLocker’s utility, considered a crucial element of the Digital India vision, aligns with Prime Minister Narendra Modi’s goals.
Finance Minister Nirmala Sitharaman’s announcement in the 2023-24 budget speech assured a simplified KYC process and the potential of the Non-Personal Data Governance Framework.
Unveiling DigiLocker: A Brief Overview
The Digilocker App, a government initiative, validates digital document information, assuring high-level security.
With the latest budget, a significant leap towards easing the KYC process was introduced.
Within the DigiLocker app, users can securely store essential official documents, effectively offering a soft copy repository.
The app is compatible with both Android and iPhone devices, enabling users to store essential documents such as PAN cards, Aadhaar cards, academic certificates, and driving licenses.
Budget 2023 introduced the pivotal announcement that Aadhaar documents stored within DigiLocker would carry legal validity, potentially promoting app adoption.
The budget reiterated that DigiLocker-held documents, even without physical copies, would be deemed legally valid, contingent on having the DigiLocker app installed on one’s mobile device.
Unlocking DigiLocker: Your How-To Guide
To harness the benefits of DigiLocker, follow these steps:
Visit the Google Play Store to download the DigiLocker app.
Open the app and select your preferred language.
Scroll down and tap “Get Started.”
Click “Create Account.”
Provide your date of birth, mobile number, email ID, and Aadhaar number.
Enter the OTP sent to your mobile number and email.
Your DigiLocker account will now be activated.
