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    SBI super-app YONO may soon be made available for others

    SBI super-app YONO may soon be made available for others

    SBI super-app YONO may soon be made available for others
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    By CNBCTV18.com  IST (Updated)

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    Ashwini Kumar Tewari, Managing Director — International Banking, Technology & Subsidiaries, SBI, said that the API of YONO, which offers a variety of financial and other services, could be potentially made available for others.

    YONO — the integrated digital banking platform offered by State Bank of India — may soon have more features including its API potentially being allowed to be accessed by others.
    Ashwini Kumar Tewari, Managing Director — International Banking, Technology & Subsidiaries, SBI, said that the API of YONO, which offers a variety of financial and other services such as flight, train, bus and taxi bookings, shopping and medical bill payments, could be potentially made available for others.
    API is the application programming interface — the app's framework — which can be used by developers to integrate their own services. YONO — You Only Need One — can be downloaded on both Android smartphones and iPhones. On the iOS App Store, the app has a rating of 3.4/5 with 39,000 reviews. It's ranked No. 4 in the 'Finance' category.
    Tewari said they had no plan to take YONO public just yet. "On YONO, (there are) no (plans of) listing for now. We are working hard on different versions of YONO. So, we could potentially open it up to others as well going forward, but no listing plans as such," Tewari told CNBC-TV18.
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    Further, Tewari, referring to the recent rate hikes by the Reserve Bank of India, sided with the consumers, saying they are not positive for the end-users.
    "Rate hikes are typically not very good for consumers... For the banks basically, rate hikes are better because this allows us to price risk correctly, and also boost interest earnings because a lot of our loans are now linked to external benchmarks," he said.
    Tewari further said the loan segment will grow at a healthy clip in the current fiscal.
    "We grew around 11.5 percent last year... we have seen a lot of announcements made not only in infrastructure, which is the leading contributor to all this growth so far, but also in other sectors. Therefore, we are pretty optimistic that the loan growth will be... maybe a little more... a lot of it is still to be disbursed — large projects typically are disbursed in tranches and that is still happening. So, we do expect loan growth, which should be good this year," he said.
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