YONO largest consumer platform after e-commerce companies, says SBI Chief

MUMBAI: SBI’s digital banking platform YONO is the largest consumer platform outside of the ecommerce companies in India, according to its chairman, Rajnish Kumar.
“Today, outside the ecommerce players, we are the largest ecommerce platform,” Kumar said at the Nasscom Technology and Leadership Conference in Mumbai on Friday. “I have more than 100 partners and they are growing. Today, I do a huge number of redirections to Amazon, IRCTC, Flipkart. I track this actively every day.” YONO, an acronym for “You only need one”, has launched shopping festivals and offerings such as cardless cash withdrawal at SBI ATMs.

“Everybody wants to be part of the journey and we have big plans around it. Every day, we get about 70,000 new registered users. In less than 24 months, I am now close to 20 million registered users,” Kumar said, adding the bank is already seeing returns on its Rs 800 crore investment in the platform. “We have built a balance sheet of about Rs 14,000 crore personal loans, which is paying us back almost the entire cost of building the platform,” Kumar said.

On how the bank is faring amid competition from digital payments companies, Kumar said, “We have fared very well. My advantage is that they have to look for customers; I already have customers.”