YONO New Version: The State Bank of India (SBI) plans to double the number of users of its YONO digital banking application to 200 million. The plan is to move more transactions to branch banking at a tenth of the cost.
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SBI News: The State Bank of India (SBI) will hire 6,500 people by 2026. SBI has launched a focused project to move its branch customers toward low-cost digital banking methods. The bank launched the 2.0 version of the YONO app on Monday, eight years after the app was launched in 2017.
SBI Launches YONO 2.0
SBI will hire a total of 10,000 people from its subsidiary, SBI Payment Services Private Limited, to help its customers migrate to digital banking apps. Currently, 3,500 people are engaged in this work.
SBI to hire 6,500 people by March
SBI Chairman CS Shetty, while launching the new version of YONO, said that the bank has launched an initiative where special executives in branches are helping customers adopt digital methods. “At present, we have 3,500 executives in the branches for customer support and this number will be increased to 10,000 by March 31, 2026,” he told reporters.
The Yono app will compete with UPI payment platforms.
He stated that a subsidiary of the bank is overseeing this project, and new employees are being recruited as part of this initiative. The bank’s chairman stated that with the new version of “Yono 2.0,” SBI aims to challenge major payment platforms like Google Pay and PhonePe. He also stated that this version, which works on mobile, tablets, and desktops, can also be used by customers of other banks.
Yono Plans to Add 200 Million Customers
Currently, 96 million of SBI’s over 500 million customers use Yono, and the bank aims to add 200 million customers to the platform. Shetty stated that the redesigned app enables the bank to add new customers at a tenth of the previous cost. He stated that the bank opens 70,000 accounts daily and now aims to do 90 percent of this work through Yono.
The YONO app will be available in 15 Indian languages.
He stated that the new version will be rolled out to all existing YONO users in a phased manner, and that all customers will be seamlessly transitioned to the new version within the stipulated timeframe. Shetty also clarified that there are currently no plans to generate revenue from the YONO platform.
Shetty stated that the app will be available in 15 Indian languages, starting with Hindi and English, which are already live. He added that the bank has accumulated a digital loan book of ₹2 lakh crore, which it plans to expand through the new app.
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