Indian A good news is coming for crores of customers of State Bank (SBI). The country’s largest government bank- SBI is going to make a big change on Monday, which all customers will be able to take advantage of. Yes, SBI is going to launch a new version of its mobile app YONO on Monday. With the new app, many tasks of SBI customers will become easier and more convenient than before. SBI Chairman C.S. Shetty said YONO 2.0 is a big upgrade, which will give customers a better experience than before and provide a strong digital platform for the bank. He told that all the features of the upgraded version of Yono will be started gradually in the coming 6 to 8 months.
The bank will also benefit greatly from the new app.
SBI Chairman said, “From the bank’s point of view, YONO 2.0 is an important foundation of digitalization, which has a common code for internet banking and mobile banking. This enables seamless integration across channels and will help SBI introduce new products faster. The bank wants to use YONO 2.0 to increase its digital reach and connectivity with customers.” Giving example, he said that YONO 2.0 will ensure a uniform and seamless experience across internet banking, mobile banking and branch channels during account opening or any other transaction.
SBI also made loans cheaper after repo rate reduction
Chairman C.S. Shetty expressed confidence in achieving the target of 3.00 per cent net interest margin (NIM) despite the 0.25 per cent cut in repo rate by the RBI in the December monetary policy. After the cut in interest rate, SBI has also reduced the interest rate of its repo related loans by 0.25 percent to 7.90 percent. The bank has also reduced MCLR by 0.5 per cent for all tenors. The SBI chairman also said that the bank will not require equity capital to drive credit growth in the next 5–6 years and maintain a capital adequacy ratio of 15 per cent.
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