Mumbai: Top financial leaders at the Global Fintech Fest (GFF) 2025 called for extending India's digital public infrastructure to pensions and credit to achieve complete financial inclusion.
The event is being held at the Jio World Centre in Mumbai from October 7 to 9.
PFRDA Pushes for 'UPI for Pensions'
S. Ramann, Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), announced a mission to bring the next 300 million citizens, particularly the informal workforce (estimated at 40-50 crore Indians), under the National Pension System (NPS). Ramann stated, "India has built the world's best rail for payments. Now we need a simple, open rail for how we retire."
The PFRDA is implementing the new Multi-Scheme Framework (MSF) to democratize NPS access and foster competition. Ramann challenged fintechs to develop micro-savings solutions, such as enabling a shopkeeper to put a small amount from a QR code payment straight into their NPS account. To increase customer choice, PFRDA also plans to issue a consultation paper proposing alternatives to mandatory annuity payouts, including inflation-indexed pension options. He also hinted at possible tax reforms to make withdrawals up to ₹12 lakh tax-free for small savers.
SBI Chairman on Credit Inclusion
In a separate session, C. S. Setty, Chairman of the State Bank of India (SBI), called "Credit on UPI" a revolutionary step that transforms a payment tool into a credit platform. Setty stressed that financial inclusion "is not complete until we deliver credit to the last mile," including farmers and small vendors.
SBI is currently exploring ways for farmers to avail credit, particularly through Kisan Credit Cards (KCC), by leveraging UPI's deep penetration in rural areas. To manage the massive influx of new customers, the SBI Chairman called for the simplification of the Know Your Customer (KYC) process. He concluded by noting that SBI is actively collaborating with nearly a dozen fintechs and is expanding its flagship digital platform YONO to 15 regional languages for its 90 million plus registered users.