SBI Yono 2.0: Revamped app to function like marketplace, allow non-SBI to invest in Mutual Funds and Bonds — check features

In an effort to bring more customers on board, the State Bank of India (SBI) has set its sights on launching a revamped YONO 2.0 platform and application, which will be accessible to the non-SBI customers as well. As per the sources, the revamped YONO 2.0 will function like a marketplace where not just regular SBI users, but also non-customers will be able to avail the banking services, as well as buy products.

As far as the timeline is concerned, it is speculated that the revamped SBI YONO 2.0 will be launched in the next 6 months — likely by the end of 2023.

It is believed that YONO will become a full-fledged marketplace in its revamped version. 

On YONO 2.0 SBI customers and other users will be able to avail services and products like money transfer, mutual fund, personal loan, foreign remittances even without opening an account with SBI.

Another highlight of the revamped app will be that YONO 2.0 will be completely UPI based, and facilitate payment and receiving of funds through the Unified Payments Interface.

Also, it is considered likely that will allow users to invest in bond market on the upcoming YONO 2.0 platform.

With YONO 2.0, the bank hopes that it will be able to connect the new generation of customers with the bank.

देश के सबसे बड़े बैंक #SBI अपने #YONO प्लेटफॉर्म का नया वर्जन लॉन्च करने की तैयारी में है।

बैंक YONO 2.0 को अगले 6 महीनों में लॉन्च कर सकता है@TheOfficialSBI pic.twitter.com/OQElGiRPvq

— Zee Business (@ZeeBusiness) August 9, 2023

What is SBI YONO? 

YONO (You Only Need One) is the digital banking platform of the country's largest bank SBI. YONO provides SBI's customers access to a variety of banking services and other facilities like flight, train, bus and taxi bookings, online shopping, or medical bill payments. 

SBI YONO is offered as a mobile banking app for both Android and iOS. 

It had been launched as the "SBI Anywhere Personal" platform, but was later rebranded as "Yono Lite" in 2018, after the introduction of the YONO app.