State Bank of India (SBI) Chairman CS Setty said on Wednesday that the bank is working on simplifying the Know Your Customer (KYC) and re-KYC processes to make them more user-friendly.

He added that SBI will collaborate closely with the government and authorities to implement these improvements while addressing media on the sidelines of Global Fintech Fest 2025.

“We’re trying to make KYC procedures simpler. Setty told reporters, “We are taking the initiative from SBI’s side to make the entire KYC process easier, even if it means interacting with regulators and the government.”

He went on to say, “I believe banks like SBI are well-versed in acquisition and financing.”

Given the extended transition period provided by the central bank, he said, the move to an asset provisioning system based on expected credit loss (ECL) will not have an effect on bank balance sheets.

“We are technologically prepared in terms of models and everything; perhaps some modifications are needed in light of the final guidelines that have been guaranteed, but more significantly, given the extended transition period, we anticipate that the impact on the banks’ balance sheets will be minimal,” he continued.

As more people join the official banking network, Setty emphasized the need for a more straightforward KYC mechanism.

According to him, in order to improve inclusivity, all parties involved—including legislators, fintech firms, and software developers—must cooperate to expedite KYC processes.

The Reserve Bank of India (RBI) updated its KYC regulations on June 12 of this year in an effort to provide the procedure more flexibility.

The new rules mandate that banks provide prior notice of KYC deadlines and permit Business Correspondents (BCs) to assist clients with KYC updates.

Additionally, the RBI had observed a significant backlog in KYC updates for accounts associated with government programs like the Pradhan Mantri Jan-Dhan Yojana (PMJDY), Electronic Benefit Transfers (EBT), and Direct Benefit Transfers (DBT).

Regarding lending on digital platforms, Setty stated that before adding more credit products to the Unified Payments Interface (UPI), SBI must improve its loan collection system.

“Before releasing additional items on UPI, we must perfect the collection piece. It’s an extremely effective instrument and a crucial component of inclusive credit for individuals,” he stated.

In collaboration with the Ministry of Finance, the Institute of Economic Growth (IEG) successfully finished the fourth edition of the Kautilya Economic Conclave (KEC 2025), the ministry announced Monday.

On October 3, Union Finance Minister Nirmala Sitharaman officially opened the KEC 2025.

Senior policymakers, economists, business executives, and academics convened for three days to discuss methods to achieve robust, inclusive growth in the face of increased global uncertainty.

The Union Finance Minister emphasized in her speech that a potent confluence of circumstances has led to India’s emergence as a stabilizing influence in these troubled times, which is not coincidental nor temporary.

With the steady share of investment and consumption in the overall GDP over the years, Sitharaman noted that India’s growth is firmly anchored in its domestic factors, which minimizes the impact of external shocks on overall growth. She also emphasized the government’s consistent efforts over the past ten years towards fiscal consolidation, improved quality of capital expenditure, and reining in inflationary pressures.

Through plenary sessions, interactive panels, and special lectures, participants engaged in deep conversations over the course of three days.

The necessity of maintaining stable inflation control, maintaining exchange rate discipline, and protecting financial stability from worldwide swings in the price of commodities and oil were all emphasized in the macroeconomic resilience workshops.

With talks on artificial intelligence, 5G communications, and digital finance pointing to new opportunities for global collaboration, the debate on digital public infrastructure and technology highlighted India’s leadership in creating inclusive systems.

Another topic of discussion was trade and global fragmentation, with specialists looking at the difficulties presented by protectionist tendencies and supply chain rewiring.

In addition, former European Central Bank President Jean-Claude Trichet gave a special speech at KEC 2025 titled “What Europe Can Learn from the Indian Federation,” which drew conclusions about Europe’s integration issues from India’s federal fiscal structure.

On October 5, Union Minister of External Affairs Dr. S. Jaishankar gave a closing speech during which he discussed India’s external economic position in a world that is becoming more fragmented.

On the penultimate day of the conclave, Jyotiraditya Scindia, the Union Minister of Communications and the Minister for Development of the North Eastern Region, gave a speech on “Emerging Technologies.”

The KEC 2025’s major takeaway was unambiguous: India’s growth story is still strong, but maintaining faster growth in the long run will necessitate further structural changes and fortifying external alliances, the ministry stated.

The first “Made in India” Airbus H125 helicopter is anticipated to be delivered in early 2027 and will also be available for export throughout South Asia, the company said Wednesday.

To construct the Airbus H125 helicopters, Tata Advanced Systems Limited (TASL) will set up India’s first private sector helicopter Final Assembly Line in Vemagal, Karnataka.

The action should help the rotorcraft market in South Asia reach its maximum potential.

India is the perfect place for helicopters. According to Jurgen Westermeier, President and Managing Director of Airbus India and South Asia, a “Made in India” helicopter will contribute to the growth of this market and establish helicopters as a vital instrument for nation-building.

Westermeier stated, “We are very happy to be adding this new chapter to our multifaceted relationship with our trusted partners Tata.”

In addition to meeting the Indian military’s need for a lightweight multirole helicopter, particularly on the frigid heights of the nation’s Himalayan borders, the “Made in India” H125 helicopter will aid in the development of new private and parapublic market segments.

The H125M, a military variant with a large percentage of indigenous parts and technologies, is planned to be sold from this Indian plant.

“Tata Advanced Systems takes pride in being India’s first commercial sector helicopter manufacturer. Both civil and defense requirements will be strengthened as a result.

Sukaran Singh, CEO and Managing Director of Tata Advanced Systems Limited, stated, “This is our second FAL in partnership with Airbus and further strengthens the partnership between Tata and Airbus for India.”

According to him, Tata Advanced Systems is ideally positioned in the Indian aerospace industry and can produce and supply both fixed-wing aircraft and helicopters to meet the needs of the country.

India’s aviation sector will expand thanks to this project, particularly in civil and defense applications.

Important services, including emergency medical flights, disaster relief, tourism, and law enforcement, can be provided by the “Made in India” H125 helicopters.