SBI’s Digital Banking Platform Growing Remarkably: Chairman Dinesh Khara
With India tracing its footprint in digital banking, “SBI’s digital banking platform, YONO, is experiencing remarkable growth owing to its unique nature,” said SBI Chairman Dinesh Kumar Khara, speaking at the Global Fintech Fest 2023 in Mumbai.
Khara added that the platform has a financial superstore as well as ecommerce and underlined the public bank’s retail arm that crossed around 6.5 crore registrations, with one crore active users daily.
While majority of people often sideline public banks due its traditional banking practices, Khara reported that the platform observes an influx of 35-50 thousand new registrations every day and over five lakh remittance transactions.
Speaking more on the brighter spot, SBI Chairman said the bank is all set to launch innovative features that underscore the progress of the digital bank within a legacy bank.
He further revealed that bank’s application is successfully generating a quarterly fee income of Rs 100 crore from its insurance subsidiaries and mutual funds.
Additionally, Khara shared that the YONO loan book for the past two fiscals has been Rs 21,000 crore, which boosted the bank to add pre-approved business loans to the platform, wherein Rs 600 crore a month are disbursed. Pinning hope for the current fiscal, he added that this move could help SBI disburse Rs 7,000 to Rs. 8,000 crore, taking the digital loan book to around Rs 29,000 to Rs 30,000 crore from lending and other B2B activities.
Addressing the traditional banking patterns that hinder progress, the Chairman said fintech will bring a change by focusing on customer-centricity, reliability and the ability to offer solutions.
Technology has the power to address problem statements of banks adding to the chances of higher success, Khara added.
