Overview
- SBI launched YONO 2.0 and said full features will be introduced over the next 6–8 months using a common code for internet and mobile banking.
- The bank will recruit 6,500 employees in its operations subsidiary to help customers shift to digital channels as part of its phygital strategy.
- SBI aims to expand its YONO user base to 20 crore within two years from roughly 9.46–10 crore currently, with plans to add support for 15 Indian languages.
- Following the RBI’s 25 bps repo rate cut on Dec. 5, SBI reduced its repo-linked lending rate by 25 bps to 7.90% effective Dec. 15 and trimmed MCLR by 5 bps across tenors.
- Management reaffirmed a 14% credit growth target driven by the RAM segment crossing Rs 25 lakh crore and projected maintaining about 15% capital adequacy without new equity.