System and Method for Data Cleansing

System and method for data cleansing are disclosed. The method comprises receiving one or more data records pre-categorized into one or more categories. Identifying at least one concept associated with one or more data records, and grouping, the at least one concept associated with the one or more data records into a plurality of category lists based on the predefined category associated with each of the one or more data records. Determining, one or more intersection sets based on a comparison between each pair of the plurality of category lists, wherein each intersection set comprises a set of one or more common concepts associated with a pair of category lists. The method comprises replacing each of at least one common concept of the set of one or more common concepts associated with each intersection set by a category name based on an occurrence rate of the common concepts.