Mumbai, October 6
The country’s largest lender State Bank of India is actively looking to hive off its digital platform Yono into a separate subsidiary, its chairman Rajnish Kumar said. Yono or You Only Need One App is the lender’s integrated banking platform.
Launched three years ago, Yono has 26 million registered users. It witnesses 5.5 million logins per day along with over 4,000 daily disbursals of personal loans and 16,000 Yono Krishi Agri Gold loans
“We are in discussions with all our partners to hive it (Yono) off as a separate subsidiary,” Kumar said at an annual banking and finance conference — Sibos 2020, organised by the Society for Worldwide Interbank Financial Telecommunications (SWIFT).
After Yono becomes an independent entity, SBI could even become one among its users, he said adding discussions were at a very nascent stage and a valuation exercise for the entity was pending. Recently, Kumar had said Yono’s valuation could be around $40 billion.
“The statement which I made was that if I look at valuations of all startups and compare, then definitely Yono should not be less than $40 billion. As of now, we have not done any valuation exercise but that is what I believe is the potential,” he said. — PTI