The State Bank of India (SBI) is actively looking to hive off its digital platform Yono into a separate subsidiary, said the public sector bank’s chairman Rajnish Kumar at an annual banking and finance conference – Sibos 2020. Yono or You Only Need One App is the lender’s integrated banking platform.
Referring to his recent statement that Yono’s valuation could be around $40 billion, Kumar clarified saying “if I look at valuations of all start-ups and compare, then definitely Yono should not be less than $40 billion. As of now, we have not done any valuation exercise but that is what I believe is the potential.” Launched three years ago, Yono has 26 million registered users. It witnesses 5.5 million logins per day along with over 4,000 daily disbursals of personal loans and 16,000 Yono Krishi Agri Gold loans.