State Bank of India Chairman C S Setty has announced a bold new target. The bank aims to double its YONO app user base to 20 crore over the next two years. This ambitious goal coincides with the launch of a significant new version.
YONO 2.0 launched on Monday as a major upgrade. It promises a better customer experience and a more robust digital platform for the bank. Full-fledged features will be rolled out gradually over the next six to eight months.
From the bank’s perspective, YONO 2.0 is a key anchor of digitalization. It features a common code for internet and mobile banking. This allows for seamless integration across different channels.
This integration enables SBI to launch new products and processes quickly. The bank aims to leverage YONO 2.0 to enhance its digital presence. It also seeks to significantly boost customer engagement.
For example, YONO 2.0 developed a common core for customer journeys. This will ensure a seamless experience whether using internet banking, mobile banking, or visiting a branch. This applies to account opening or any other transaction.
Setty provided clear context for the user target. The platform currently has almost 10 crore customers. The objective is to bring 20 crore customers to YONO mobile banking or internet banking.
Building for 20 crore users requires significant investment in infrastructure. The chairman’s idea is clear: achieve this 20 crore customer base within the next two years. This represents a massive scaling of their digital operations.
Beyond the app, Setty expressed confidence in the bank’s financial guidance. He is confident in achieving a 3 percent net interest margin. This is despite a recent repo rate cut by the Reserve Bank of India.
On December 5, the RBI lowered the repo rate by 25 basis points to 5.25 percent. It retained a neutral stance, leaving room for further rate cuts. This move came after a gap of six months.
The rate cut aimed to bolster economic growth. Growth hit a six-quarter high of 8.2 percent in the second quarter of FY26. Following the RBI’s decision, SBI took action.
The bank lowered its repo-linked lending rate by 25 basis points to 7.90 percent. This change became effective from December 15. SBI also cut its Marginal Cost of Funds-Based Lending Rate across all tenures by 5 basis points.
On capital, the chairman said the bank may not need equity capital. This is to drive credit growth and maintain a capital adequacy ratio of 15 percent over five to six years. The focus is on organic strength.
Setty further highlighted the momentum in the RAM segment. This segment will drive a 14 percent overall credit growth during the current fiscal year. RAM stands for Retail, Agriculture, and MSME.
The RAM segment is 67 percent of SBI’s total loan portfolio. It crossed the Rs 25 lakh crore milestone in September. With improving economic growth, SBI raised its credit growth target from 12 to 14 percent.
Besides RAM, the bank is witnessing good growth in gold loans. Express credit, an unsecured personal loan product, is also expected to see double-digit growth. The digital push with YONO supports this broader lending expansion.