Yono app fetches Rs 100 crore in fee income every quarter, says SBI Chairman
Yono, the mobile app of the State Bank of India, fetches Rs 100 crore in fee income every quarter by selling products from the parent's subsidiaries, and the digital loan book will be close to Rs 30,000 crore this fiscal, according to a top official. The nation's largest lender, which is into the 217th year of operations, launched the app in 2014.
Since then, it has gone on to become such a runaway success that as much as 85 per cent of banking transactions are done through Yono, State Bank of India (SBI) Chairman Dinesh Kumar Khara said on Tuesday.
He was speaking at a session at the fifth global fintech summit here.
«I am happy to share that Yono gets us Rs 100 crore in fee income every quarter by selling the just commoditised products from our subsidiaries such as the life and general insurance arms, mutual fund and others,» Khara said.
According to him, when it comes to lending, especially pre-approved personal loans, during the past two fiscals, it has sold as much as Rs 21,000 crore each.
«Now, we have also extended the pre-approved business loans through Yono and is already grossing Rs 600 crore a month.
»If this run rate is maintained going forward, which I am sure we will, we will be disbursing at least Rs 29,000-30,000 crore this year through Yono. That means Yono will (have) a Rs 30,000 crore loan book" the chairman said.
On the reach of the bank's digital arm, he said the bank despite having 22,400 branches, as much as 85 per cent of the transactions are done on Yono now.
«And what is more (is that) as much as a third of these customers are from the hinterland or semi-urban settings,» Khara said and added that this is a perfect reflection of how technology is being adopted and how we as a nation are
