SBI to launch Yono app in four more countries in the next 12 months

Utkarsh Classes Last Updated 07-12-2023

SBI to launch Yono app in four more countries in the next 12 months

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India's largest commercial bank, the State Bank of India (SBI) has announced on 6th September 2023 that its mobile banking app Yono will be available in four more countries in the next one year.

At present the Yono app is available in nine countries of the United Kingdom , Bahrain, Bangladesh, Canada, Mauritius, Maldives, Nepal, Sri Lanka and South Africa.

Speaking at the 4th Global Fintech Fest , Sreenivasulu Setty, Managing Director – International banking said that SBI will launch its app Yono in the US ,Singapore and Oman in the next 12 months. He didn’t mention the fourth country. Thus in the next 12 months Yono app will be available in 13 countries .

Yono App

Yono (You Need Only One) mobile app and website was launched by SBI in 2014. It is an integrated digital banking platform of SBI to enable its customers access to a variety of financial services offered by SBI and its subsidiary companies.

According to the SBI Chairman Dinesh Khara around 85 per cent of banking transactions by the bank's customers are done through Yono.Khara had also said the bank was working on the next generation Yono or Yono 2.0.

Setty also said that out of the 10 billion UPI transactions recorded in August, as much as 38 per cent was through the SBI network.

State Bank of India

Its origin is traced with the setting up of Bank of Calcutta in 1806 which was later renamed as Bank of Bengal in 1809. Bank of Bombay was set up in 1840 and Bank of Madras was set up in 1843.
In 1921 all these three banks were merged and an Imperial Bank of India was created.
On the recommendation of the All India Rural Credit Survey Committee (Gorwala committee)1951 the government of India nationalised the Imperial Bank of India with the enactment of the State Bank of India Act 1955 and changed its name to State Bank of India.
In 2007 the entire share of the RBI was transferred to the government of India and now the government of India has 56.7% stake in SBI.
SBI the largest commercial bank in India.
It has over 22,405 branches, 76089 Banking Correspondents outlets.
It has 235 offices/branches in 29 foreign countries. Amongst all the Indian banks, SBI has the largest number of branches/offices outside India.