SBI's Ambitious KYC Overhaul: A Unified Identity Revolution

State Bank of India is aiming to simplify its KYC process across branches by March 2026, transitioning to a single system. This change is part of the bank's 'Saral' project. Efforts include establishing KYC as a service soon after. The centralized approach aims to solve diverse KYC protocols currently in use.

State Bank of India has initiated a comprehensive strategy to streamline the Know Your Customer (KYC) process, aiming for uniformity across its branches. This ambitious move, announced by Chairman C S Setty, is slated for completion by March 2026.

Upon achieving a unified KYC system, the bank plans to introduce 'KYC as a service' to enhance other banking functionalities. Currently, SBI employs 15 different methods of conducting KYC, making the current process cumbersome for customers who must re-verify their identity for new services.

This overhaul is a segment of the 'Saral' project representing SBI's commitment to 'process reengineering.' A dedicated team of over 50 individuals is spearheading this project, focusing first on understanding the existing systems before developing a comprehensive solution.

(With inputs from agencies.)