SBI to launch upgraded YONO 2.0 app, aims to double users to 20 crore in two years: Chairman CS Setty

State Bank of India Chairman C S Setty

The State Bank of India (SBI) aims to double the user base of its YONO digital banking platform to 20 crore customers over the next two years, following the launch of an upgraded version, YONO 2.0, on Monday, SBI Chairman CS Setty told PTI in an interview.

Speaking to PTI, Setty said YONO 2.0 is a major technology upgrade that will offer a significantly improved customer experience while serving as a strong digital backbone for the country’s largest lender. He added that the platform’s full-fledged features will be rolled out gradually over the next six to eight months.

“From a bank perspective, YONO 2.0 is a key anchor of digitalization, with a common code for internet banking and mobile banking. This allows for seamless integration across channels, enabling SBI to launch new products and processes quickly. The bank aims to leverage YONO 2.0 to enhance its digital presence and customer engagement,” Setty said.

He explained that YONO 2.0 has been built on a common core for customer journeys, ensuring a seamless experience across mobile banking, internet banking and branch channels for services such as account opening and transactions.

“Today, we have almost 10 crore customer base there and our objective is to bring 20 crore customers to YONO mobile banking, or internet banking. Together, about 20 crore customer base is something that we are building for which means that you have to invest in your infrastructure in a significant manner… so our idea is that in the next two years, we should have at least 20 crore customer base,” he said.

Setty also expressed confidence that SBI would be able to maintain its net interest margin (NIM) guidance of 3 per cent, despite the Reserve Bank of India’s recent rate cut.

On December 5, the RBI reduced the repo rate by 25 basis points to 5.25 per cent and maintained a neutral stance to support economic growth, which touched a six-quarter high of 8.2 per cent in Q2 FY26. Following the rate cut, SBI lowered its repo-linked lending rate by 25 basis points to 7.90 per cent, effective December 15, and also reduced its MCLR across all tenures by 5 basis points.

The SBI chairman said the bank may not require additional equity capital to sustain credit growth while maintaining a capital adequacy ratio of 15 per cent over the next five to six years.

He added that strong momentum in the Retail, Agriculture and MSME (RAM) segment would drive overall credit growth of 14 per cent during the current financial year. The RAM segment, which accounts for 67 per cent of SBI’s loan book, crossed the Rs 25 lakh crore mark in September.

With improving economic conditions, SBI has raised its credit growth target for the year from 12 per cent to 14 per cent, Setty said. He also noted strong growth in gold loans, while express credit, an unsecured personal loan product, is expected to post double-digit growth.