During the COVID-19 pandemic, the country's top banks sourced a substantial amount of fresh business, in terms of new deposit accounts and loans, through their digital channels. We have compiled data from four private banks— Kotak Mahindra Bank, Axis Bank, ICICI Bank and RBL Bank — and from State Bank of India to understand how their respective digital channels have aided their growth in the deposit and lending business. Although several private and public sector banks that alluded to witnessing better sourcing through digital channels, but did not publish detailed statistics on the same. Here is a summary of our findings based on data disclosed in the respective investor presentations: State Bank of India SBI's flagship mobile-banking app, YONO, has successfully helped the bank grow its deposit and lending business since its inception in November 2017. According to its recent investor presentation, the platform has 28.5 million registered users; 8.9 million new savings accounts have been opened through the app till date; 1.4 million were opened during Q2'21. Overall, SBI has generated a loan portfolio of ₹25,000 crore and a liability portfolio of ₹60,000 crore through YONO. As of June 2020, the app contributed ₹200 crore towards the banks' quarterly profit. The bank estimates that YONO will add ₹1,000 crore to its profits for the current fiscal year. Between April and September 2020: The bank added 10.4 million new users on YONO Disbursed loans worth ₹10,695 crore through the platform Cross-sold products through YONO's e-marketplace worth ₹168 crore The bank has sourced over…
- DPDP Bill, 2022: A Small Amendment May Impact Indians’ Rights to Information and Accountability November 28, 2022
- Why has the Indian central bank stopped Paytm from onboarding new online merchants? November 28, 2022
- U.S. Prohibits Imports of Blacklisted Communications Gear Over National Security Concerns November 28, 2022
- Three arrested for flying drone during PM Modi’s visit to Bavla, Gujarat November 28, 2022
- New Instagram Reels Competitor, Platform, To Be Launched In January 2023 November 28, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
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...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
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...