The digital banking platform of State Bank of India (SBI), You Only Need One (YONO) within its three years of launch, has reached its valuation of over $ 40 billion, said Chairman of SBI, Rajnish Kumar.

YONO was launched in November 2017 to help its customers’ regarding banking, investment and shopping needs. It was created with the help of consultant McKinsey and major tech firm IBM.

Speaking at an event organized by ETBFSI.com, Kumar said that YONO is a profitable digital banking platform and rued that no one gets to know its valuation because it sits within the bank.

“The only thing is that because it is sitting in the bank, it does not get reflected in the valuations. If it were sitting outside banks, my valuation would be…may be USD 40-50 billion for Yono given the valuations which the start-ups get,” he said, as reported by PTI.

He said that the YONO mobile app is adding 70,000 new users daily and has total registered users of 27 million at present and added that owing to Covid-19 pandemic, the rate of adding new users on YONO has been increased. Kumar said, “I have found that on digital platforms, apart from convenience people also look for trust and security. People have a lot of trust in SBI, and we have also used the best minds to design the app”.