KYC a challenge, have to simplify norms: SBI chief

Core Insights - The State Bank of India (SBI) chairman CS Setty emphasized the need for simplifying the Know Your Customer (KYC) process, identifying it as a significant challenge for both banks and customers [4][1] - SBI is actively working on KYC simplification, which may involve collaboration with regulators and government entities [4][1] - The upcoming YONO 2.0 digital platform will support nearly 15 languages, aiming to enhance accessibility for various customer segments, including farmers and MSMEs [4][1] - SBI is also focusing on maintaining a strong physical presence with approximately 160,000 touchpoints across the country, ensuring services are accessible beyond digital channels [4][1]