Mumbai: Yono, the mobile app of the State Bank of India, fetches Rs 100 crore in fee income every quarter. This is achieved by selling products from the parent’s subsidiaries. The digital loan book will be close to Rs 30,000 crore this fiscal.
Incidentally, SBI had launched the app in 2014. Since then, it has gained popularity and today as much as 85% of banking transactions are done through Yono, informed State SBI Chairman Dinesh Kumar Khara .
Especially for pre-approved personal loans, during the past two fiscals, Yono has sold as much as Rs 21,000 crore each, he added. “Now, we have also extended the pre-approved business loans through Yono and are already grossing Rs 600 crore a month. If this run rate is maintained going forward, we will be disbursing at least Rs 29,000-30,000 crore this crore this year through Yono. That means Yono will (have) a Rs 30,000 crore loan book,” Khara asserted.
Notwithstanding SBI today having 22,400 branches, as much as 85% of the transactions are done on Yono now. Almost a third of these customers are from the hinterland or semi-urban settings.
SBI is currently working on the next generation Yono or Yono 2.0 so that the bank is best equipped to offer best financial solutions to its customers. “What we want is to be in a position to offer products to our customers even before they think about such products,” Khara noted.