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SBI plans to increase Yono user base to 250 mn in 2 yrs

Press Trust of India  |  Mumbai 

Country's largest lender State of India (SBI) is planning to expand its (you only need one) customer base to 250 million in the next two years, a top official said.

At present 2.5 million users are registered under Yono, the digital platform which offers all and and services of the lender.

"We have big plans to push and our target is very ambitious for the next two years. We are looking to increase the user base to 250 million," SBI told reporters after the launch of the new digital initiative.

Through Yono, customers can open an SBI account digitally, transfer funds, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposits.

Kumar said currently is a separate platform but will soon be integrated to the bank's mobile wallet, Buddy.

Recently, SBI entered into a digital partnership with Reliance to increase it's digital customer base.

SBI and has a joint venture for - Payments Bank - wherein Jio holds 70 per cent and the balance is with SBI.

Meanwhile, the launched a new digital initiative - Mopad (Multi option payment acceptance device), which will enable customers to make payments through cards, Bharat QR, and (e-wallet) on a point of sale (PoS) terminal.

It will provide digital convenience to customers and ease of doing business for merchants at the same time.

For all transactions done through Mopad, the customer will get a charge-slip as a proof of payment, which is not available for traditional Bharat QR/UPI/ transactions.

SBI has 6.23 lakh point of sale (PoS) terminals deployed across the country.

It has decided to roll-out the new facility on all terminals in a phased manner.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 16:00 IST