State Bank of India's (SBI) YONO super app has helped the bank grow its retail lending and deposit business significantly during the pandemic. The flagship mobile banking and lifestyle app of the country's largest bank nearly doubled its user base to over 32 million at the end of December 2020, compared to 17 million in the previous year. Through the app, which will be hived-off into a separate entity, the bank disbursed a total of Rs 15,996 crore personal loans, through over 1 million YONO loan accounts, between April and December 2020, according to its investor presentation. This is around 60% higher compared to the same period of the previous year wherein the bank disbursed Rs 10,000 crore worth of personal loans through YONO. It is important to note, that personal loans under YONO are a part of the SBI's wider ambit of personal loan products. "The alternate channels have assumed greater significance. In the last quarter, we have underwritten about Rs 5,300 crore pre-approved personal loans with the help of YONO. In the quarter ending September, that number was Rs 5,100 crore so that is a reflection of the convenience built-in. With the help of YONO we have significantly enhanced our capacity to underwrite such loans," said Dinesh Khara, chairman, SBI during a media interaction on Thursday. Around 41% of all retail loan accounts and 60% of liability customers were on-boarded through its digital channels during the quarter, the bank said. Digital banking highlights YONO App: 32.77 million registrations…
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