SBI Chairman CS Setty Calls for National Financial Grid to Check Frauds

State Bank of India Chairman CS Setty has proposed the creation of a National Financial Grid to unify India’s critical financial infrastructure and enhance fraud prevention. Speaking at the CII Financing Summit, he said such a grid would help connect every major system involved in the financial ecosystem and support stronger customer protection. 

Proposal for a National Financial Grid 

Setty said the proposed National Financial Grid would integrate credit bureaus, fraud registries, e-KYC facilities, the Unified Payments Interface, account aggregators, and the Unified Lending Interface.  

“Can we create an NFG that connects all the critical elements? It will be one unified open access infrastructure layer that can be leveraged across the ecosystem,” he said. 

He noted that financial sector entities have jointly created the Indian Digital Payment Intelligence Corporation, a not-for-profit platform designed to offer real-time data to industry participants with a focus on safeguarding customers. 

Digital Twin and Sector Challenges 

Setty recommended developing a “digital twin” for small businesses, capturing all relevant data to help them access finance more easily. He highlighted that unmet demand for formal credit still forces many entities to turn to informal sources. According to him, the digital twin could shift MSME lending from a relationship-based model to a data-driven approach. 

At the same summit, Union Bank of India Managing Director and Chief Executive Ashish Pandey called for a review of technology systems at state-run banks. He also pointed to talent development and skills enhancement as key challenges currently facing the financial sector. 

Read More: What Was SBI mCASH and Why its Being Shut Down? 

SBI Share Price Performance   

As of November 19, 2025, at 09:29 AM, State Bank of India share price is trading at ₹972.65 per share, reflecting a surge of 0.02% from the previous closing price.  

Conclusion 

The proposals highlight an industry-wide effort to build deeper data connectivity, improve fraud detection and make access to finance more equitable. The National Financial Grid and digital twin framework could play a significant role in transforming India’s financial infrastructure and the way small businesses engage with it. 

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