SBI launched YONO in November 2017
Currently 80 million people have downloaded it
The country’s largest bank State Bank of India (SBI) has started the facility of opening a sitting account at home. Through this, the video of the customer will be KYC. To open this account, you have to use the bank’s mobile banking application YONO.
Details will be verified through KYC
KYC means to verify or verify your complete details like PAN card, Aadhaar card. The bank gave this information on Friday. The bank said that there would be no need to come to the branch for this. However, only a savings account will be opened through this. It is completely based on Artificial Intelligence and the technology to recognize faces. It is a contactless and paperless process.
Will be able to open a new savings account
The bank said that this video KYC will be applicable for customers who want to open a new savings account. They have to download the Yono app. In this, you have to click on New to SBI and select Insta Plus Saving Account. After this, you have to enter your Aadhaar details, then after the Aadhaar verification, you will have to enter personal details. You will have to complete KYC through video call. After the video KYC is successful, your account will be opened automatically.
It was necessary in the atmosphere of Corona
Bank chairman Dinesh Khara said that in the current Corona environment it was very important that we start this kind of facility. This is a step that will be in the security of customers, financial security and low cost. We believe that this initiative will show a new path in enabling mobile banking and customers digitally for their banking needs. This development is another step in our commitments to Digital India.
Yono was launched in November 2017.
SBI launched YONO in November 2017. Currently it has been downloaded by 80 million people. It has 3.7 registered customers. SBI has partnered with 100 e-commerce companies for the YONO platform. It has more than 20 segments. It also has segments like YONO Agriculture, YONO Cash. The bank wants to make YONO a separate subsidiary and list it through an IPO.
1.60 Lakh Crore Valuation
The current valuation of Yono is Rs 1.60 lakh crore and the bank has targeted a valuation of Rs 3 lakh crore. SBI’s 55% transaction is through digital channels and has 49 crore subscribers. There are 4 lakh transactions daily on its digital platform. YONO is a one-stop solution for banking, lifestyle, insurance, investment and shopping needs.
SBI’s integrated digital and lifestyle platform YONO is offering services in the UK and Mauritius along with India. In the last financial year, a personal loan of 16 thousand crore rupees has been approved through YONO. 12.82 lakh customers have got loans through it.
