YONO biggest start-up by a legacy bank, worth over $40 bn: SBI chairman Kumar

Within three years of its launch, YONO, the digital banking platform of the country’s largest lender SBI, has a valuation of over USD 40 billion, the bank’s chairman Rajnish Kumar said on Wednesday.

The bank is also working on creating a business-to-business (B2B) platform for bill receivables, called ‘Bharat Draft’, which will have all the MSMEs registered, he said.

SBI had launched the YONO platform in November 2017 to help its customers’ banking, investment and shopping needs.

Speaking at an event organized by ETBFSI.com, Kumar said YONO, which is an acronym for You Only Need One, is a profitable platform and rued that no one gets to know its valuation because it sits within the bank.