SBI Aiming To Simplify KYC Process, Says Chairman CS Setty

State Bank of India (SBI) is working to simplify KYC and re-KYC processes, including engaging with regulators and the government, Chairman CS Setty said on Wednesday at Global Fintech Festival in Mumbai.

"With a large number of people joining India's banking system, it is important for all stakeholders, like banks, financial technology service providers, regulators, and policymakers to think about how to simplify the process for KYC. It is a triggering subject for both bankers and customers,” Setty said.

With 52 crore customers and 60,000–65,000 joining daily, SBI reflects India's diverse demography and literacy levels, he said.

YONO, SBI's mobile banking app, has expanded access beyond physical branches and reimagined the branch-level experience. The app currently has nine crore registered users, and YONO 2.0 will support 15 languages and focus on products for farmers and MSME customers, Setty said. YONO has nine crore registered users, he added.

The remarkable thing about India's digital growth story is the inclusion of all segments of the population. Institutions like National Payment Corp of India and SBI have played a great role, he said.

Credit on UPI is a revolutionary service. Currently, 34% of RuPay cards are active, with payments from 18% of them. SBI is working to extend credit products via UPI to farmers, given its extensive use in rural and urban areas. Delivering small-value credit through UPI is easier, but strengthening the collection mechanism remains important, Setty said, adding that small-value credit has to be looked from a fact that delivering this credit on UPI is easier and strengthening the collection mechanism is important.