Balancing Innovation and Trust in India's Financial Future

State Bank of India Chairman C S Setty highlighted risks in digital finance due to rapid innovation at the CII Annual Business Summit. He emphasized strengthening governance, resilience, and public trust in India's evolving financial system. Setty noted massive capital mobilization needs and called for broader financial participation to meet long-term goals.

State Bank of India Chairman C S Setty voiced concerns over new vulnerabilities emerging in India's financial system due to rapid digital finance growth, platform lending, and AI-driven underwriting during the CII Annual Business Summit.

Setty stressed the importance of governance, resilience, and public trust, stating that technological transformation necessitates robust cybersecurity and risk management frameworks to ensure continued confidence in the banking sector.

He forecasted significant capital mobilization to meet India's Viksit Bharat goal by 2047, urging for a deeper bond market and greater participation from mutual funds, pension funds, and insurance companies to support this financial evolution.