Setty said that with 52 crore customers and 60,000–65,000 people joining daily, SBI reflects India's diverse demography and literacy levels, he said.
Mumbai: The State Bank of India (SBI) is engaging with regulators to simplify the know-your-customer (KYC) process, Chairman CS Setty said on Wednesday at the Global Fintech Fest 2025, underlining the bank’s efforts to improve access and quality of financial services nationwide.“As millions of new customers join the formal banking system, one challenge stands out — simplifying the KYC (Know Your Customer) process. At SBI, we are actively working toward KYC simplification — engaging with regulators and the government to make the process more seamless, efficient, and digital-first.”
Setty said that with 52 crore customers and 60,000–65,000 people joining daily, SBI reflects India's diverse demography and literacy levels, he said.
On the sidelines of the event, on a question on Merger and Acquisition (M&A) financing Setty said that SBI which has been doing outbound M&A financing for Indian corporates to acquire overseas entities, are well-versed in acquisition financing. The RBI recently announced its plans to put in place an enabling framework for Indian banks to finance domestic acquisitions by India Inc.
“Banks like SBI are well-versed in acquisition financing. Technologically, we are ready in terms of models, although some adjustments may be required based on the final guidelines. The long transition time provided will limit any significant impact on banks’ balance sheets,”
