The Ministry of Company Affairs recently announced that the MCA21 e-Governance service would integrate AI into its operations. The initiative is said to make compliance processes easier while optimizing routine activities.
The MCA 21 portal is an application that allows new businesses to complete registration procedures easily. It was an initiative undertaken by the MCA in 2006, and is now the preferred method for company registration, compliance and conflict resolution.
Injeti Srinivas, the secretary of the MCA, stated in the ministry’s monthly newsletter that the AI integration would be a part of the version 3 of the MCA 21 portal. He also mentioned that this would be undertaken by Bengaluru-based software giant, Infosys.
He went on to reveal that the introduction of AI would allow for a single source of truth to be maintained. This would remove the need for known details to be filled multiple times.
As a part of the initiative, Srinivas also mentioned that various databases will be interlinked. The AI will be put in charge of routine enforcement processes, bringing 24×7 monitoring of the systems.
The MCA recently came under fire as the government questioned the use of MCA 21 data as a part of GDP calculations. The National Sample Survey Organisation found that 39% of all companies in the MCA 21 were not traceable, or classified wrongly.
Dismissing these concerns, the MCA stated that portal reported and checked compliance in real time. This has led to the eradication of shell and bogus companies, the MCA stated to a publication. The ministry further revealed that the portal has an automated KYC drive program that eradicated non-performing or non-functional companies.
The MCA 21 portal has already employed automation to a certain level, with the upcoming AI integration set to optimize processes further. The MCA 21 portal is also in dire need of a UX upgrade; something that the integration of smart features promises.