State Bank of India’s YONO (You Only Need One) application recorded 2.5 million transactions, up 224% QoQ from 0.77 million transactions in the previous quarter, the company disclosed in its presentation for Q1FY2019. The value of all transactions through the application stood at Rs 9552.12 crores since its launch. While the lender did not disclose the number of registered users for the application, t he bank noted that the app has been downloaded 8.3 million times. Moreover, the bank also claimed that the application was used to open more than 27,000 accounts every day in the quarter ended June, which helped it cross the significant achievement of opening over 1 million saving banks account through YONO. The app had about 0.25 million logins per day in the Q1 FY19. Lastly, the bank also said that it has disbursed over 10,000 pre-approved personal loans worth Rs 66.6 crores. Through YONO, customers can open an SBI account digitally, transfer funds, avail of pre-approved personal loans without any paperwork and get overdraft facility against fixed deposits. It is important to note that the Bank’s Chairman Rajnish Kumar said that the lender plans to merge the YONO application with the Buddy app, as it will eliminate duplication of features and processes. Kumar also said that the country’s largest lender has set a target to increase the ambitious user base of YONO to 250 million in two years from the current 2.5 million. While the bank has given no further clarification on the matter, we…
- Here are some specs of the time servers the Indian government wants companies to sync their clocks to: RTI December 6, 2022
- RBI Disallows Securitising Loans With Less Than 365-Days Residual Maturity December 6, 2022
- Indian govt may hold social media firms accountable for algorithms under ‘Digital India Act’ December 6, 2022
- Event Announcement: Reworking The Data Protection Bill, Bangalore, 14th Dec #Ad December 6, 2022
- DPDP Bill 2022: A Balance of opportunities and data protection objectives December 6, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...