SBI YONO Digital Bank App for apply loans, open savings account, etc. In contrast to traditional banking services, the country’s most massive banking giant SBI has set up a new banking platform. ‘YONO’ (You Only Need One) is a digital banking platform. YONO allows customers to open accounts instantly, apply for loans, carry out transactions and indulge in online shopping all at in one app.
SBI chairman Rajnish Kumar said, “all financial service products of SBI viz. SBI Life, SBI General, SBI Mutual Fund, SBI Caps and SBI Cards are integrated on the platform”. Customers can also raise the home loan and auto loan proposals from the app without paperwork.
SBI YONO Digital bank App features
SBI said customers would be able to easily use payments in around 14 categories, including hotels, transfer funds, entertainment, dining, renting, travel, etc. Finance Minister Arun Jaitley has launched the app. This app is available for Android and iOS platforms.
SBI has signed up with about 60 e-commerce companies to provide discounts, and cashback offers such as Amazon, Uber, Ola, Mindra, Jabong, Shoppers Stop, Airbnb, Swiggy, Byjus, Cox & Kings and Thomas Cook. Aadhaar number with one-time password validation can get services at home.
P.K Gupta, MD of SBI said, “It is practically a digital bank, but it is part of SBI. RBI rules limit transaction without biometric authentication. There won’t be any restrictions on the account for which biometric verification completed. Customers need to complete the biometric process in any branch.