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SBI to turn YONO platform into financial services platform: Rajnish Kumar

The subsidiary will get its revenues streams by providing services to financial sector players, says lender

SBI Chairman Rajnish Kumar
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The bank recently launched the YONO Global app in the UK and Mauritius

Abhijit Lele Mumbai
State Bank of India (SBI) plans to hive off its digital banking platform You Only Need One (YONO) into a subsidiary and offer services to financial sector players for a fee.

SBI Chairman Rajnish Kumar said while the group’s needs are huge, the bank plans to make it into a subsidiary and develop capabilities with adequate security aspects for providing services to others. This is the vision of the bank for the next two years.

Asked about monetising the platform with listing on the bourses, he said first a subsidiary will be formed and later a decision on going public can be

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First Published: Sep 23 2020 | 3:54 PM IST

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