YONO is becoming the backbone of SBI, 85% of all transactions are now being done on YONO

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Yono, SBI’s mobile app, generates Rs 100 crore in fee income every quarter and its loan book will be close to Rs 30,000 crore this fiscal.

The State Bank of India (SBI) launched Yono in 2014 and it has since become a runaway success. The app now accounts for 85% of the bank’s banking transactions.

Yono generates Rs 100 crore in fee income every quarter by selling products from SBI’s subsidiaries, such as life and general insurance, mutual funds, and others.

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In the past two fiscals, Yono has helped SBI sell Rs 21,000 crore each in pre-approved personal loans. The bank has also started offering pre-approved business loans through Yono, which is already grossing Rs 600 crore a month.

If the current trend continues, SBI expects Yono to disburse at least Rs 29,000-30,000 crore in loans this fiscal. This would give Yono a loan book of Rs 30,000 crore.

SBI Chairman Dinesh Kumar Khara said that Yono has been a major driver of digital adoption in India. Even though the bank has 22,400 branches, as much as 85% of its transactions are now done on Yono.

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A third of these customers are from rural and semi-urban areas. This shows that technology is being adopted rapidly in these areas as well.

SBI is working on the next generation of Yono, or Yono 2.0. This will be a more personalized and intelligent app that will offer customers the best financial solutions.

Yono is a major success story for SBI and it is helping the bank to become a more digital-first organization. The app is also playing a significant role in the digital transformation of India.

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