The country’s largest bank State Bank of India (SBI) is actively considering making its digital platform YONO a separate entity. The chairman of the bank, Rajnish Kumar, said that the bank has been considering it for a long time.
Yono means ‘You Only Need One App’ is the integrated banking platform of the State Bank. Kumar said at the annual banking and finance conference – Sibos 2020 that he is discussing (making Yono a separate subsidiary) with all his partners. The conference was organized by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). Kumar said that after Yono became a separate entity, State Bank would be one of its users. He said, although negotiations are still in the initial stages, evaluation work is still pending. Rajnish Kumar recently said that the valuation of Yono could be around $ 40 billion.
Kumar clarified that the statement I made (based on YONO’s valuation) is based on the fact that when I look at the value of all startups and compare them, YONO is definitely worth less than $ 40 billion. Should not be Right now we have not taken any initiative to evaluate it, I believe it is a possibility.
YONO was launched three years ago. It has 26 million registered users. It consists of 55 million logins and more than 4,000 personal loans and about 16,000 Yono Agri Agri Gold loans.
Kumar also said that State Bank is also considering setting up a separate digital payment company for retail payments under a new comprehensive unit arrangement.
In August this year, the Reserve Bank had issued rules and regulations for allowing an all-India retail payment unit. For this, the last date for submission of applications with the Reserve Bank is 26 February 2021. Presently National Payments Corporation of India (NPCI) is the only retail payment unit in the country.
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