Yono is a banking app by SBI. Recent reports suggest that the banking app might be worth over $40 billion and is making huge profits. We do not know about the app’s exact evaluation because it stays inside the bank, says SBI’s chairman Ranjish Kumar.
SBI’s chairman Ranjish Kumar’s statement
Yono( You only need one) was launched in November 2017. Within a very short span of time, the app has become profitable and is one of the countries’ largest. SBI chairman Ranjish Kumar said:
“Only thing is that because it is sitting in the bank, it does not get reflected in the valuations. If it was sitting outside banks, my valuation would be…may be USD 40-50 billion for Yono given the valuations which the start-ups get”
Ranjish also added that Yono’s user base has been expanding at a huge pace. At present, it has been registering over 700,000 new users daily. And the estimated user base amounts to 27 million. He also said that the COVID-19 is boosting things up with everything being done online.
He said, “I have found that on digital platforms, apart from convenience, people also look for trust and security. People have a lot of trust in SBI, and we have also used the best minds to design the app”.
Me personally, I don’t use Yono. I find it very buggy and couldn’t even register my account on it. I think there are many better banking alternatives out there, but since this app has SBI’s name on it, it is so successful.
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