SBI chief calls for shared digital infrastructure to tackle fraud and support risk management

SBI Chairman Challa Sreenivasulu Setty

“We can create a national financial network that connects all critical elements, credit bureaus, fraud registers, e-kyc facilities, UPI and account aggregator framework,” he said.

Unified Lending Interface (ULI) itself can be turned into the national financial network, Setty said. Further, by setting up an Indian digital payment intelligence service, banks are seeking to establish an intelligence infrastructure company, which will enable intelligence sharing on a real-time basis between banks and other participants in the financial system.

Setty said while the Center and the regulator are working towards achieving the goal of a developed country by 2047, there have been some serious challenges in terms of global uncertainties. Financial inclusion has made banking accessible to millions of people, Setty says, but penetration levels remain low in the credit, insurance and investment segments.

With India’s credit-to-GDP ratio expected to grow from 55 percent to 64 percent by 2047, there is a need for a shift in systemic jurisprudence that aligns with a tech-first mentality and attitude that drives innovation. The co-benefits of mass financialization at scale, led by the banks, will help create an inclusive and progressive society and help communities maintain financial well-being.

“We believe that while technology is disruptive and technology adoption is increasing in banks, we focus on change management. How do we prepare our people to deliver these technologies. Even if you roll out beautiful mobile applications and your customers or employees don’t understand what this application is for, then we are falling short in technology adoption. Retraining or redesigning our employee orientation process is also important,” said Setty.

Published on November 18, 2025