SBI exploring if farmers can avail credit via UPI: Chairman C.S. Setty

State Bank of India is exploring if farmers can avail credit, especially through kisan credit cards, via the Unified Payments Interface (UPI), chairman C.S. Setty has said. He emphasised that credit inclusion in India is not complete until we deliver credit to the last mile, including farmers and small vendors.

“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,” Setty said during a fireside chat with Sohini Rajola, executive director–growth, National Payments Corporation of India (NPCI), at the Global Fintech Fest (GFF) 2025 in Mumbai. He added that UPI is a credit on UPI is a revolutionary step that has the potential to transform a payment tool into a credit platform. 

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.” UPI provides a strong framework to deliver inclusive credit if managed prudently, he stressed.

He also called for reforms to simplify the Know Your Customer (KYC) process. “As millions of new customers join the formal banking system, one challenge stands out—simplifying the KYC 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,” Setty said.

Highlighting SBI’s approach to partnership-driven innovation, he said, “We are 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.”

On SBI’s flagship digital platform, YONO, Setty said, “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, further expanding accessibility. With over 90 million registered users, he said the platform ensures that no customer is left behind, regardless of geography, income, or digital literacy.

SBI’s continued investments in technology to ensure 100% service availability across its digital and physical channels were also highlighted during the session. “Reliability and uptime are non-negotiable,” Setty added.