Context :
FinMin
working to implement common KYC to cut paperwork for financial transactions / MINT
/ 20 Sept 2022
Extract :
Finance Minister Nirmala Sitharaman on Tuesday revealed that they are
working on implementing common KYC
to undertake various financial
transactions across institutions.
Currently, there is a central repository handling central KYC.
The common KYC is expected to trim
paperwork for Indian citizens
on their various financial transactions like
opening bank accounts or Demat accounts and making investments among other
benefits.
At Ficci Leads 2022 conference here, the FM said, there is a central
repository that takes care of central .
We are also now working in such a way that once you have given your KYC, it can be applicable at
various institutions at various
times for various requirements that you may have.
And you may not have to do it each time even if the businesses are
slightly different from that you're engaged in, as reported by PTI.
Stating the move will bring ease of doing business in India, she
said the government and regulators are working together to bring common KYC all
together for financial transactions.
MY TAKE :
Ø Meri
Aawaz hi Meri Pehchaan Hai…………………… [ 04 July 2022 ]
Extract :
Ø I am One , I will become Many………………. ……… [ 06
Jan 2020 ]
Extract :
During the past 3 years, there is a
lot of talk about making the lives
of businessmen easy, through
introduction of “ Ease of Doing Business “ index
How about making lives of Ordinary Citizen easy by having just
ONE CARD to replace all these cards ?
Introduction of an “ Ease of Living “
index !
How can the Central Government go about
replacing ALL physical cards with just one VIRTUAL card ?
Following is my suggestion :
# Central Govt to launch a online
portal called,
www.SUIIC.gov.in
By
appropriately enacted Law, Central Govt will order all CARD ISSUING AGENCIES to
upload their “ Card Related Databases “ onto SUIIC web server and continue to
do so DAILY for new additions to their databases
SUIIC
will use AI - Machine Learning - Big Data Analytics etc., to merge / collate all kinds of structured /
unstructured databases pertaining to all kinds of Cards / unique
IDENTIFIERS, issued by
any entity, to any citizen
These will
include Mobile Service Providers and E Mail ID providers
This exercise will lead to creation of UNIQUE PROFILE for each
citizen, and named :
YUP will
also be the name of a Mobile App supported by SUIIC web server
==================================================
Dear Smt Sitharamanji,
Congratulations on taking this FIRST STEP for “ trimming paperwork for
Indian
Citizen “ through proposed introduction of a SINGLE KYC
I urge you to continue this excellent initiative by implementing my above-
mentioned suggestion of YUP
With regards,
Hemen Parekh
hcp@RecruitGuru.com / 22
Sept 2022
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