GG News Bureau
New Delhi, 1st Feb. Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 in Parliament today, revealed that a revamped central Know Your Customer (KYC) registry will soon be rolled out. This new initiative aims to simplify the KYC process and ensure periodic updates for better compliance and security.
Sitharaman explained that the streamlined KYC system will be implemented in 2025, enhancing data protection through measures related to Aadhaar, PAN card, Voter ID, and driving licenses. These steps are part of the Centre’s broader push to modernize the financial infrastructure and improve ease of doing business in India.
In her eighth consecutive Budget speech, the Finance Minister emphasized the government’s focus on transformative reforms in various sectors. She highlighted six key domains for reform: taxation, power sector, urban development, mining, financial sector, and regulatory frameworks. Special focus will also be placed on agriculture, which remains the primary engine of growth.
Sitharaman stated that the Budget would particularly benefit ‘garib’ (the poor), ‘anna daata’ (farmers), and ‘nari’ (women), with the aim to ensure inclusive growth. She further mentioned that Prime Minister Narendra Modi’s development track record has drawn significant global attention, underscoring India’s growing prominence on the world stage.
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