Budget 2023: Government to expand available on DigiLocker, to aid KYC related activities

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Union Budget 2023: Finance Minister Nirmala Sitharaman has announced that the government will be expanding the scope of documents available in DigiLocker. The move is aimed to boost the Digital India initiative and also to aid fintech and other KYC related activities in the country. The government will set up an entity for DigiLocker for use by SMEs, large businesses and charitable trusts for storing and sharing documents online with ease.

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For those who are unaware DigiLocker was launched by the Ministry of Electronics and Information Technology in 2015 under the Digital India initiative. The secure app allows users to store and share important government verified documents digitally. The announcement of expansion of DigiLocker instantly brought joy in the business world. 

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Right after Finance Minister Nirmala Sitharaman announced the DigiLocker expansion plan, Xiaomi India President Muralikrishnan B tweeted, “The expansion of DigiLocker’s scope, in terms of allowing a broader range of documents to be accessed by both citizens and businesses, will boost the digital economy, making citizens and governance smarter and more efficient.”