Digitalization and YONO 2.0 - YONO 2.0 is a significant upgrade for the State Bank of India (SBI), serving as a key anchor for digitalization with a common core for customer journeys, ensuring seamless experiences across internet banking, mobile banking, and branch channels [1][7] - SBI aims to double its YONO app user base from 10 crore to 20 crore over the next two years, necessitating significant infrastructure investment [2][7] Financial Performance and Credit Growth - SBI's chairman expressed confidence in achieving a 3% net interest margin despite the Reserve Bank of India's (RBI) 25 basis points repo rate cut to 5.25% [5][8] - Following the rate cut, SBI reduced its lending rate linked to the repo rate by 25 basis points to 7.90% effective December 15, and also lowered the Marginal Cost of Funds-Based Lending Rate (MCLR) across all tenures by 5 basis points [6][8] - The Retail, Agriculture, and MSME (RAM) segment, which constitutes 67% of SBI's total loan portfolio, crossed the Rs 25 lakh crore milestone in September, driving an overall credit growth target increase from 12% to 14% for the current fiscal year [6][8]
SBI aims to double YONO app users to 20 cr in 2 years, plans significant investment: Chairman
The Economic Times·2025-12-14 10:59