SBI engaging with regulators, govt to make KYC process more seamless

Core Insights - State Bank of India (SBI) is working to enhance the Know Your Customer (KYC) process to be more seamless, efficient, and digital-first, as stated by Chairman CS Setty [1] - The bank aims to simplify KYC processes as millions of new customers join the formal banking system [1] KYC and Digital Banking - SBI is engaging with regulators and the government to streamline the KYC and re-KYC processes [1] - The bank has a customer base exceeding 520 million [1] Credit Accessibility - SBI is exploring credit availability for farmers through Kisan Credit Cards (KCC), emphasizing that financial inclusion is incomplete without reaching the last mile [2] - The bank believes that credit access through UPI can be as seamless as digital payments [3] Use of Technology - Predictive AI models are being utilized to offer pre-approved small-value loans to millions of customers, although the challenge lies in collections rather than disbursal [3] - The YONO mobile app will be available in 15 languages, enhancing banking accessibility for diverse customer demographics [3][4] User Engagement - The YONO app has over 90 million registered users, ensuring inclusivity regardless of geography, income, or digital literacy [4]