Union Budget 2023 – KYC & Startup | Digitap’s CEO – Nageen Kommu
The Union budget announced by FM holds great significance for the Fintech sector, as it lays down the roadmap for further growth and development in the industry. Recommendations on adopting a risk-based approach for KYC and a system that is amenable to meet the needs of Digital India will ensure measures taken to control potential financial crimes are in line with the risks identified.
Additionally, extending incorporation benefits for startups to 10 years will further boost sentiment and encourage entrepreneurship in the country. This will also make startups more attractive to investors since a lower tax burden means better income and returns on investment.
Lastly, provisions to boost R&D and innovation for financial inclusion, and create innovative financial products by expanding the ambit of the Digilocker facility and using 5G, AI, and other technologies will help bridge existing gaps in the system and auger a positive impact on the country as a whole in the long run.-Nageen Kommu, CEO, Digitap KYC process and the impact of extension in a startup corporation.