SBI Working on YONO 2.0: Khara on Digital Banking Platform

Mumbai, Aug 29 (PTI) Former SBI Chairperson Dinesh Khara on Thursday said the country's largest lender is working on a new version of its digital banking platform to take care of its customers' requirements and preferences.

In his special address at the Global Fintech Fest 2024 here, Khara, who superannuated on Thursday, also said that a banker should always keep risks in mind, even though people tend to ignore the risk but that shouldn't happen.

"We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, (as) it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said.

Stating that YONO has 80 million registered users today with almost 10 million users logging in at the platform each day, he said in many respects, it would be a record of sorts across the globe.

Last year, the platform that allows customers to access their banking services and products in one place generated 1.7 billion worth of loans, Khara said, adding that YONO has gone beyond the boundaries to various global destinations.

He further said SBI serves 50 crore customers today, which is almost one-third of the country's population and when we serve them, we have to take care of all kinds of customers and their preferences amid digital lending becoming increasingly popular.

On the various risk aspects, which are associated with banking, Khara said, "Mistakes are committed in the good times. Risk is always to be kept in mind for a banker. People tend to ignore the risk but it shouldn't happen".

He, however, added that the system has strengthened in terms of infrastructure and adequate assessment of the income flows can avoid unsecured lending.