Public sector lender State Bank of India is planning to upgrade its banking application, which will be called ‘Only Yono’, to prepare itself for the digital banking era.
SBI, which is India’s largest bank, is planning to upgrade the app in the next 12-18 months and is looking for consultants for the plan, according to media reports.
“Only Yono is envisaged as the next generation of Yono which will make SBI ready to launch a complete digital bank with a leaner and modular architecture, more streamlined journeys, sleek and personalised customer-centric design and capturing value from ecosystems,” the lender said in a notice.
Currently, there is no system of separately licensing digital banks in India, but it is being discussed.
In November 2021, the Indian government’s think tank, NITI Aayog, published a paper on authorising full-stack digital banks and SBI feels it may result in formal guidelines by the Reserve Bank of India.
As of 31 March 2021, Yono has been downloaded over 70.5 million times and has a user base of 37.09 million.
Notably, SBI had also considered establishing Yono as a separate entity, which could fetch over $40bn for the bank, according to former chairman Rajnish Kumar.
“Though Yono has been adopted by customers at a very high pace, in order to consolidate its leadership position, it has been decided by the bank to give Yono a revamp as Only Yono not only in terms of features and functionality but also in terms of ease of use and customer experience,” the bank noted.