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Yono is becoming a digital bank within a bank
September 06, 2023
The State Bank of India’s (SBI) “You Only Need One” (YONO) is evolving into a digital bank within the bank, according to Chairman Dinesh Khara. He made this announcement at the Global Fintech Festival in Mumbai on September 5.
SBI launched YONO as its digital banking platform in 2017 to serve its 400 million customers. The concept of creating a super mobile app that encompasses all banking services and features, including e-commerce shopping, stemmed from the bank’s ambition to establish a digital marketplace aimed at attracting a younger clientele.
Furthermore, Khara revealed that YONO generates a quarterly income of ₹100 crore solely through third-party fees and commissions.
“We generate a quarterly income of ₹100 crore through our YONO platform from fees and commissions associated with third-party product offerings,” Khara stated.
Khara also emphasized that YONO has the potential to amass a book of ₹30,000 crore through lending and other business activities.
“YONO has the capacity to grow a book to approximately ₹25,000 crore to ₹30,000 crore,” Khara affirmed.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/