The country’s largest bank SBI is preparing to expand the scope of its digital platform YONO. There are plans to integrate other banks through this platform. During the corona virus epidemic, more than 1 million people have taken loans through YONO.
New Delhi. State Bank of India (SBI) has now put the plan to separate its super app YONO into cold storage. Instead, SBI will prepare its YONO app as a platform that other banks will also be able to use. This will also increase the scope of the Yono app. A senior official aware of this said that there is a possibility of monetization through the Yono app, but nothing can be said about its timeline. He said that the Yono app has to be expanded in some way so that it can grow even beyond SBI. Now YONO will be developed as a platform that can be integrated with Grameen Bank or Cooperative Banks. If they want to use this platform, they will be able to.
Only last year, former SBI chairman Rajnish Kumar said that SBI wants to separate its digital platform. For this, the total valuation of the YONO platform has been kept at $ 40 billion. But now the plan, led by the current chairman Dinesh Kumar Khara, is to convert this app into a platform where other banks including SBI can offer their products and services. Once this platform is fully ready, investors will get the benefit.
Reach of vago increased during epidemic
During the corona virus epidemic, with the help of YONO, SBI has increased its reach to retail borrowers and depositories. By December 2020, the user base of Yono App has almost doubled to reach 320 million. About a year ago, it was only at 1.7 crores.
Preparation of online home loan processing facility
During April to December 2020, SBI has released Rs 15,996 crore to more than 10 lakh people with the help of YONO loan accounts. Now after the success in the personal loan segment, this bank is now also improving its retail product portfolio. Soon home loan customers will get the facility to complete all the process online.
Preparations for change in Yono agriculture
Apart from YONO, SBI is making new plans for its multilingual ‘YONO Krishi’ platform. Through YONO Agriculture, farmer customers get the facility of YONO account, YONO savings, YONA Mitra and YONO mandi. The bank has issued an agricultural loan of Rs 12,000 crore by December 2020 through Yono Krishi.
It is also worth noting that YONO has been providing facilities to customers on its platform for more than 3 years. But despite this, the Unified Payments Interface i.e. UPI has failed to shock the platforms. In the UPI segment, the dominance of PhonePe and Google Pay is still successful. Banks have been investing in their digital applications for some time, but are also working on their old infrastructure during this time.