The State Bank of India, the country's largest lender, as part of the 68th Bank Day celebrations, launched its enhanced digital banking application, 'YONO for Every Indian' and Interoperable Cardless Cash Withdrawal (ICCW) facilities.
With ‘YONO for Every Indian’, now any Bank customer will have access to the UPI features like Scan and Pay, Pay by contacts, Request money, among others on YONO’s new avatar. This milestone upgrade further expands SBI's commitment to providing inclusive and customer-centric digital banking services to every Indian citizen.
Since its launch in 2017, YONO, the digital face of the Bank, has emerged as one of the most trusted mobile banking apps in the country with over 6 Crore registered users. In FY23 itself, 64% or 78.60 Lakh savings accounts were acquired digitally through YONO. The upgraded version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family.
With the rollout of the Interoperable Cardless Cash Withdrawal facility, both the customers of SBI and other banks can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the 'UPI QR Cash' functionality. The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by employing the Scan and Pay feature available on their UPI application.
While the groundbreaking facility simplifies the cash withdrawal process, it also ensures enhanced security for customers. By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimizes the risks associated with shoulder surfing or card cloning. Customers can enjoy the benefits of instant cash withdrawal through a user-friendly and secure digital channel, offering them a hassle-free banking experience. As part of the bank's commitment to delivering innovative and customer-centric solutions, SBI has been actively strengthening its digital platforms.
On this occasion, Shri Dinesh Khara, Chairman of the State Bank of India, said, "SBI is dedicated to offering cutting-edge digital banking solutions that empower every Indian with financial independence and convenience. The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfill our goal of making the 'YONO for Every Indian' mission a reality.”
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.40 lakh crore. As on March 31, 2023, the bank has a deposit base of over Rs. 44.23 lakh crore with CASA ratio of 43.80% and advances of more than Rs. 32 lakh crore. SBI commands a market share of 33.1% and 19.4% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 76,809 BC outlets. The number of customers using internet banking and mobile banking stand at 114 million and 61 million respectively. With SBI’s digital strategy right on track – the bank witnessed 64% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,000 new digital savings bank accounts being opened per day via YONO in the quarter ended March 2023. YONO, which has more than 6.07 crore registered users, witnessed more than 1 crore average daily logins in Q4 FY23. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 6,900 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.