Shaadi.com founder Anupam Mittal requested the Finance Ministry’s participation to streamline the know-your-customer (KYC) documentation procedure for startups and angel investors, citing his concerns about the drawn-out and taxing process. The Shark Tank India judge emphasized the importance of enacting laws that create an atmosphere that is favorable for Indian companies in his most recent article on X.
Mittal said, tagging Finance Minister Nirmala Sitharaman’s official X accounts: “While we talk about being a startup nation, we need policy-making that keeps up. Every year, team is spending inordinate amt of time sending KYC info to startups who in turn are coordinating with multiple angels to get kyc paperwork filed with @IncomeTaxIndia when they should be focusing on building great businesses. Why this harassment?,” wrote Anupam Mittal on X, while tagging the Income Tax Department and Finance Minister Nirmala Sitharaman.
“Madamji dekhiye pls, it’s an unnecessary waste of time that sucks up countless unproductive hours of our country’s brightest in @PMOIndia.”
In response to the founder of Shaadi.com’s post, the IT department said, “Please write to us with your specific issue/query (along with PAN & your mobile number) via email at orm@cpc.incometax.gov.in so that our team can get in touch with you.”
Fintech and startups facing KYC issues
The founder of Shaadi.com made these remarks about onerous KYC paperwork at a time when Paytm Payments Bank is being investigated by the Reserve Bank of India for a number of reasons, including complaints about procedural errors in its KYC system.
Recently, Nirmala Sitharaman chaired a meeting with start-up and fintech ecosystem organizations to address the digitization and simplification of KYC across all fintech segments. Other topics covered in the conference were the price of loans for important sectors and the transfer of ownership and management of fintech companies that are listed in order to align them with regulatory requirements.
