SBI is looking to implement the revamp in 12-18 months, including migrating existing Yono customers to Only Yono.
While the concept of digital bank is not standardised in India and is defined by individual banks, SBI believes that the Niti Aayog discussion paper on licencing of digital bank may result in formal guidelines by the regulator.
Launched in 2017, Yono crossed 70.5 million downloads as on 31 March 2021 and had a user base of 37.09 million. Earlier, the bank was actively looking to spin off Yono into a separate subsidiary, however, the bank has not yet gone ahead with this plan.
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