Dear Smt Sitharamanji / Single KYC ? Why only for Financial Sector ?

 

Single KYC ? Why only for Financial Sector ?

 

 

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 KYC.

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 (  Single Unified Identity for Indian Citizen )

 

       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  ( Your Unique Profile )

                 YUP ( with unique serial number ) will be that SINGLE CARD which replaces all CARDS

                       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