SBI shelves plan to hive off Yono app
SBI is also looking to expand Yono Business through which it has made it easier for corporate customers to apply for letters of credit and bank guarantees.Premium
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State Bank of India (SBI) has shelved plans to hive off its super app Yono. It will instead build the app into a wider platform that can be used by rival lenders and add more capabilities to it.
“The potential for monetization is there, but the timeline for monetization is not. Yono has to be extended in a manner that goes beyond SBI, a senior banker aware of the matter said. “We will create a platform for Yono, which will be integrated with regional rural banks or cooperative banks. If they want to use it, they can. That is the larger objective of Yono. We call it the platformization of Yono. That’s a little away.