SBI's Ambitious Leap: Doubling YONO Users with Enhanced Digital Experience

State Bank of India aims to double its YONO app user base to 20 crore in two years with the new YONO 2.0 launch. Offering enhanced digital experiences, it supports seamless integration across banking channels. SBI targets 14% credit growth, focusing on the Retail, Agriculture, and MSME sectors.

State Bank of India (SBI) Chairman C S Setty announced an ambitious plan to double its YONO app user base to 20 crore within the next two years, riding on the launch of its enhanced version, YONO 2.0. The upgraded app promises a more robust digital platform and a seamless banking experience for customers.

YONO 2.0 is central to SBI's digitalization strategy, integrating internet and mobile banking with a common code to facilitate quick launches of new products. Setty emphasized its role in enhancing digital presence and customer engagement, targeting a massive customer base expansion and significant infrastructure investment.

On the financial front, SBI is poised for 14% credit growth, fueled by Retail, Agriculture, and MSME segments. Despite a 25 basis points reduction in the repo rate by the Reserve Bank of India, SBI is confident in maintaining a 3% net interest margin, sustaining its robust growth trajectory.

(With inputs from agencies.)