“The Finance Minister has presented a distinctive set of measures in the Union Budget 2023-24 with a streamlined focus on rapid, holistic and inclusive economic growth. It is a well-crafted statement of intent, drawn from the success and learnings from the past with the potential to further enhance India’s growth prospects.
Realising the crucial potential of digital infrastructure in the financial sector, the hon’ble FM has announced measures to increase the scope of DigiLocker services for individuals and MSMEs. This will certainly aid in enhancing the accessibility of financial services with higher convenience and simplified processes with robust security.
It is also encouraging to see that the hon’ble FM has given due attention to compliance in the financial sector. A simplified KYC process, adopting a ‘risk-based’ approach as opposed to a ‘one size fits all’ outlook will ensure accurate and sophisticated verification as well as in-turn regulated operations in the financial services space. Highlighting the growth of digital payments and fiscal support for digital public infrastructure is also appreciable” as this further contributes to India’s digitisation efforts.” – Akash Sinha, Co-founder & CEO, Cashfree Payments on Budget FY 23-24