State Bank of India (SBI) Chairman CS Sethi

State Bank of India (SBI) Chairman CS Sethi said that with the launch of the new edition of YONO app on Monday, the bank is aiming to double its user base to 20 crore in the next two years. He told in an interview that 'YONO 2.0' is a big upgrade, which will give a better experience to the customers and provide a strong digital platform for the bank. All its features will be launched in a phased manner in 68 months.

He said that from the bank's point of view, YONO 2.0 is an important basis of digitalization, in which there is a common code for internet banking and mobile banking. This has enabled seamless integration across channels and will help SBI introduce new products faster. The bank wants to use YONO 2.0 to increase its digital presence and customer engagement.

Customer base of 20 crores

Giving an example, the SBI head said that YONO 2.0 will ensure a uniform and seamless experience across internet banking, mobile banking and branch channels during account opening or any other transaction. SBI Chairman said that today we have about 10 crore customer base and our aim is to connect 20 crore customers with Yono mobile banking or internet banking. Overall, our target is to create a customer base of around 20 crores, for which it is necessary to invest on a large scale in infrastructure. Our idea is to have a customer base of at least Rs 20 crore in the next two years.

SBI reduced interest rates

Sethi expressed confidence in achieving the target of 3 percent net interest margin (NIM) despite the 0.25 percent cut in repo rate by RBI in the December monetary policy. After the rate cut, SBI also reduced its repo related loan rate by 0.25 percent to 7.90 percent from December 15. The bank has also reduced MCLR by 0.5 percent for all tenors. The SBI chairman also said that the bank will not require equity capital to pursue credit growth in the next 56 years and maintain a capital adequacy ratio of 15 per cent.