Credit on UPI is a Revolutionary Step: Shri C S Setty, Chairman, SBI, at GFF 2025

“Credit on UPI is a revolutionary step, transforming a payment tool into a credit platform,” said Shri C.S. Setty, Chairman, State Bank of India (SBI), during a fireside chat with Ms. Sohini Rajola, Executive Director – Growth, National Payments Corporation of India (NPCI), at the Global Fintech Fest (GFF) 2025, being held at the Jio World Centre, Mumbai, from October 7 to 9. GFF 2025 is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC).

Speaking on the future of credit inclusion, Shri Setty said, “We are exploring whether farmers can avail of credit, especially through Kisan Credit Cards (KCC), given UPI’s deep penetration in rural and semi-urban areas.” He emphasised that inclusion in India “is not complete until we deliver credit to the last mile, including farmers and small vendors.”

GFF 2025 is supported by the Ministry of Electronics and Information Technology; the Department of Economic Affairs and the Department of Financial Services, Ministry of Finance; the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry; New, Emerging and Strategic Technology Division,  the Ministry of External Affairs; the Reserve Bank of India (RBI); the Securities and Exchanges Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the International Financial Services Centres Authority (IFSCA).

Calling for Know Your Customer (KYC) reforms, Shri Setty said, “As millions of new customers join the formal banking system, one challenge stands out — simplifying the KYC (Know Your Customer) process. At SBI, we are actively working toward KYC simplification — engaging with regulators and the government to make the process more seamless, efficient, and digital-first.”

He noted that credit availability through UPI would make access as seamless as digital payments. “With predictive AI models, we can provide pre-approved small-value loans to millions of customers. The challenge, however, is not just disbursal — it’s collections,” he said, adding that UPI provides a strong framework to deliver inclusive credit if managed prudently.

He also highlighted SBI’s approach to partnership-driven innovation. “We’re collaborating with nearly a dozen fintechs to develop intuitive digital journeys and governance models. Fintechs bring agility and innovation, and wherever we see scalable, tested solutions, we prefer to adopt or co-develop rather than build everything in-house,” he said.

Discussing SBI’s flagship digital platform, YONO, Shri Setty remarked, “YONO is not just a mobile app, it’s a reimagined customer journey that also transforms how our branches function.” He announced that “YONO will be available in 15 languages, expanding accessibility even further.” With over 90 million registered users, he said the platform ensures “that no customer is left behind, regardless of geography, income, or digital literacy. 

The session also highlighted SBI’s continued investments in technology to ensure 100% service availability across its digital and physical channels. “Reliability and uptime are non-negotiable,” Shri Setty remarked, underscoring that customer trust depends on consistent, secure, and intuitive banking experiences.