State Bank of India (SBI) Chairman has proposed the creation of a National Financial Grid to connect critical elements such as e-KYC, UPI, and the Account Aggregator framework. The initiative aims to strengthen India’s financial infrastructure, enhance interoperability, and streamline digital services for consumers, businesses, and regulators nationwide.
In a forward-looking statement, the Chairman of State Bank of India emphasized the need for a National Financial Grid that would unify India’s digital financial ecosystem. By integrating key platforms like e-KYC, UPI, and the Account Aggregator framework, the proposed grid seeks to enhance efficiency, reduce duplication, and provide seamless access to financial services.
The vision reflects India’s growing reliance on digital infrastructure and the importance of building a robust, interconnected system to support innovation, inclusion, and security in the financial sector.
Key Highlights
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Proposal: Creation of a National Financial Grid for unified financial infrastructure
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Core Elements: Integration of e-KYC, UPI, and Account Aggregator framework
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Objective: Enhance interoperability, reduce redundancies, and improve consumer experience
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Impact: Strengthen digital financial services, support regulatory oversight, and foster innovation
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Strategic Importance: Aligns with India’s broader push for financial inclusion and digital transformation
This proposal underscores SBI’s leadership role in shaping India’s financial future, highlighting the importance of collaboration across institutions to build a resilient and inclusive digital economy.
Sources: Company announcement via Reuters and Business Standard