New Yono SBI
State Bank of India (SBI) is planning a separate digital entity. It will revamp its current mobile application, rechristening it ‘Only Yono‘. SBI is looking to implement the revamp within 12-18 months. It includes migrating existing Yono customers to Only Yono. The platform will implement its vision for next five years from the launch of Only Yono.
This move comes in the wake of Niti Aayog recently publishing a draft discussion paper on licensing of Digital Bank. This may result in a formal guideline by the RBI to establish various types of digital banks in the country.
