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The State Bank of India, India’s largest creditor, has no plans to hive off the digital app YONO. [You Only Need One], Immediately to another fintech entity. Instead, banks are looking at the formation of a digital platform launched in 2017 on FinTech’s line of superappli. “YONO is a super app with three broad components. One is a financial superstore that offers pure banking services, the second is a financial superstore that offers products from group companies, and the third is a partner merchant. It’s a market. I’ll show you their products, “said Dinesh Khara. Fortune India In an exclusive interview.
Khara has revealed that the bank has invested around 400-500 rupees as YONO’s capital, but has not yet officially evaluated the venture. “We don’t intend to monetize our investment at this time, but after a while,” Khara said. By the way, retiring chairman Rajnish Kumar commented in September 2020 that YONO could easily be valued at $ 40-50 billion, given the ratings that startups of the current type are getting. Did. Khara is a mom in detail and the bank’s annual report for 2009 does not have numerical details, but according to Credit Suisse’s report, the bank has begun preparing individual financial information for YONO. .. In fact, management expects YONO to generate a profit of 1,000 chlores in 2009, the report said. The reason why the topic of YONO is rising is that SBI, which started online banking 20 years ago, took advantage of this app to provide asset and product liability products in three major segments: retail, business and agriculture. There is also a thing.
For example, provide KCC [Kisan Credit Card] With a loan Mandy Related information on YONO Agri. In 2009, through the YONO Krishi-online process, a KCC account of Rs 28,900, with a total limit of 49,72 chlores, was reviewed. Currently, YONO Business is being considered as a way to leverage SME customers, for example by supporting the opening of letters of credit (LC). Yono currently processes about 85% of LC, reducing travel time from two days to one day. “Currently, our effort is to streamline all our services and make them comprehensive. At that time, we will announce Yono2,” Khara reveals.
Banks are aiming to launch YONO 2.0 in the next 3-6 months. Initially launched as a means of providing personal banking-related services, YONO later expanded to overseas customers and is currently expanding its business in seven countries. “It has become a platform for increasing debt in foreign regions wherever our footprint is limited and our customers are diversified,” Kara explained. Last year, the bank was able to carry 40,000 international customers on its platform and plans to enter Singapore, Bahrain, South Africa and the United States by the end of this fiscal year. In 2009, when the blockade affected the operation of the branch, YONO proved to be a blessing disguised as a bank. During the year of the pandemic, banks paid 5,000 chlore personal loans over three-quarters.
“This year’s pace is about the same. [FY22] Also. I would like to use YONO as a platform and work hard. Rather, I would like to use it to create a digital bank within the bank, “says Khara. Banks currently have a personal loan book of Rs 200 million, 80% of which are employees of centers, state governments, defense and public enterprises. “We only use 20% of our owners, so we have a lot of opportunities in the future,” says Khara. In FY2009, 13.57 Rakı’s pre-approved personal loan equivalent to 21,268 Krolle was approved through YONO and a 51.81 Rakı digital savings account was opened. In the near future, banks plan to extend Yono to other players as a white label platform.
For example, small financial and financial banks, regional banks and co-operative banks can build a range of products on the YONO platform. Kara states, without revealing a specific timeline: “The next journey for YONO 2 is when we think about offering a white label. First, we can take full advantage of Yono’s potential and then make the basic model available to the industry. Think about it. ”
As an independent open banking platform, YONO will open its backend to other banks with a pay-per-use model. However, according to Credit Suisse, it is primarily aimed at other PSU banks that lack a good digital platform, but with YONO, private fintech companies can integrate banking capabilities or build neobanks on top of it. You can also do it. Currently, of SBI’s more than 450 million customers, only 4 million are registered with YONO, even though 90 million are engaged in online banking activities. Kara believes that these 90 million customers will eventually move to YONO. In fact, SBI’s chairman feels that the number of users is well over 90 million as corporate customers also move to the platform.
“Our corporate internet banking wasn’t as popular as retail internet banking, but I think corporate customers will also participate in the YONO business, so I’m looking forward to it. [YONO user base] Beyond that [90 million].. As of March 2021, YONO recorded 70.5 million downloads across Android and iOS devices, with 37.1 million registrations and an average of 10 million logins per day. In 2009, more than 100 merchant partners lived on YONO’s B2C marketplace platform (including Mitra and Mandi), recording a total commercial value of Rs 119,200, equivalent to 641 chlores.
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