New Delhi, February 1, 2025: Presenting the Union Budget 2025, Finance Minister Nirmala Sitharaman announced a significant overhaul of the Know Your Customer (KYC) process. The revamped system aims to simplify and streamline compliance requirements for individuals and businesses, enhancing the efficiency and accessibility of financial services.
The Finance Minister revealed that a new Central Registry will soon be rolled out to standardize and centralize KYC procedures. This registry will allow users to complete their KYC verification seamlessly across different financial platforms without the need for repeated submissions. The move is expected to foster a more transparent and customer-friendly financial ecosystem.
