Building the National Financial Grid: A New Era of Fraud Prevention and Finance Accessibility

SBI Chairman CS Setty has proposed the concept of a National Financial Grid to streamline fraud prevention by connecting vital financial infrastructure elements, including credit bureaus and e-KYC facilities. Additionally, Setty envisions a 'digital twin' for MSMEs to ease access to finance, moving from relationship-based to data-driven lending models.

SBI Chairman CS Setty has revealed plans to initiate a National Financial Grid, intended to integrate key components of the financial ecosystem to combat fraud more effectively.

Envisioned as a unified infrastructure connecting platforms like credit bureaus and UPI, the grid aims to bolster digital infrastructure for enhanced risk management.

Setty's additional proposal of a 'digital twin' for MSMEs promises to aid businesses in accessing finance, marking a shift towards data-driven lending, addressing unmet financial demands in the sector.

(With inputs from agencies.)