SBI Chief C.S. Setty Bats For Unified National Financial Grid To Tackle Rising Digital Fraud

State Bank of India Chairman Challa Sreenivasulu Setty has proposed establishing a National Financial Grid (NFG) to create a unified structure for fraud monitoring across financial institutions.

Speaking at the CII Financing Summit, Setty said the grid should integrate credit bureaus, fraud registries, e-KYC systems, UPI, the account aggregator framework, and the Unified Lending Interface. He said such a system could help financial entities share risk information and strengthen fraud prevention. Setty also confirmed the formation of the Indian Digital Payment Intelligence Corporation, a not-for-profit platform that will provide real-time alerts on suspicious digital transactions and support coordinated fraud detection. For MSMEs, Setty proposed a digital twin model that would combine tax records, banking data, operational information, and transaction history to support data-driven lending.

Union Bank of India Chief Executive Officer and Managing Director (CEO & MD) Ashish Pandey said public sector banks must upgrade legacy technology and invest in workforce skilling to support digital operations.