Core Insights - The Chairman of the State Bank of India, C. S. Setty, emphasized the need for India to build shared digital infrastructure to combat fraud, enhance access to credit, and achieve the economic goals set for 2047 [1][6] - Setty highlighted that while there has been progress in financial inclusion, significant gaps remain in credit, insurance, and investments, despite the surge in digital adoption [1][6] - India's current credit-to-GDP ratio is approximately 55%, which needs to increase to 64% by 2047, necessitating innovation and scaled financialization supported by banks [1][6] Proposals and Initiatives - A key proposal includes the establishment of a National Financial Grid, which would serve as a unified digital backbone integrating various financial components such as credit bureaus, fraud ledgers, e-KYC, UPI, and account aggregator frameworks [1][6] - Setty proposed the creation of the Indian Digital Payment Intelligence Corporation (IDPIC), a government-backed initiative aimed at providing real-time cyber and fraud intelligence, comparable in ambition to UPI [1][6] - The existing ULI system could be expanded into this National Financial Grid, transforming it into an open-access data infrastructure that supports the entire financial ecosystem [1][6] Technology and Workforce Development - Setty warned that technology adoption in the banking sector will struggle unless lenders invest in re-skilling their employees, stressing that a well-designed mobile app will fail if users do not understand it [1][6]