#Budget2016: Post Budget 2016 reaction by Mr. Adhil Shetty, CEO & Co-founder of Bankbazaar.com

The budget makes a push for Financial Transparency and Efficiency in delivering subsidies by making the payment process more digital. We strongly believe that statutory backing for Aadhaar will be a game changer. The subsidy scheme and the social security scheme will be automated and Aadhaar-based, thereby increasing the role of the digital in the financial sphere. The govt. is also considering computerized processing to resolve fraud cases. In addition, two digital literacy program covering 6,000 extra villages are also being planned. All this will lead to a more digital community that can access the benefits of the government initiatives better.The government is planning to set up a digital depository for school leaving certificates, college degree certificate, mark sheets, etc. The depository would be along the lines of a securities depository, which would help authenticate their validity. In this case, the certificates would be deposited directly by the issuer, which drastically increases the trust factor. We believe that the digital depository for academic certificates is a great step towards paperless services. BankBazaar foresees the extension of this facility to govt.-issued KYC documents for faster paperless approvals, pushing up financial inclusion and cutting down chances of fraud. Paperless will democratize finance, cut inefficiency and Fraud.

Technuter.com News Service

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