SBI Chairman CS Setty suggest creating National Financial Grid to connect credit bureaus, UPI, e-KYC

SBI chairman CS Setty

State Bank of India's (SBI) Chairman CS Setty on November 18 have suggested a creation of National Financial Grid to connect all the critical elements such as Credit bureaus, fraud registries, EKYC facilities, UPI and account aggregator frameworks.

"Whether we can create a national financial grid that connects all the critical elements. Credit bureaus, fraud registries, EKYC facilities, UPI and account aggregator frameworks," Setty said during at the address at CII Financing Summit in Mumbai.

He added that Unified Lending Interface (ULI) itself can transform the national financial grid.

"It's one unified open access infrastructure layer that can be leveraged across the ecosystem. As part of that embed, a shared digital infrastructure for fraud and risk management," Setty said.

Further, Setty said that in terms of MSME lending in the last five years, there is a renewed push among mainstream banks in lending to MSMEs because of the digital data and many other infrastructures available.

Setty also said that banks need to do re-skilling and reshaping of employees orientation because just by creating wonderful mobile applications, which is not understood by employees and customers, then there is failure of technology adoption.