Former SBI president Dinesh Khara (Photo: Wikipedia)
Former SBI Chairman Dinesh Khara on Thursday said the country’s largest lender is working on a new version of its digital banking platform to cater to the requirements and preferences of its customers.
In his special address at the Global Fintech Fest 2024 here, Khara, who retired on Thursday, also said that a banker should always keep risks in mind, though people tend to ignore them, but that should not happen.
“We had conceived YONO only as a retail solution and it was initially thought to replace internet banking, but when we launched it, we thought it should be much more than that as it caters to all the banking and financial needs of today. We are working on YONO 2.0 which should be more modular and faster in terms of processing,” Khara said.
Stating that YONO has 80 million registered users today and nearly 10 million users log into the platform every day, he said that in many ways, it would be a record worldwide.
Last year, the platform that allows customers to access their banking services and products in one place generated loans worth 1.7 billion, Khara said, adding that YONO has transcended borders to several global destinations.
He further said that SBI caters to 50 million customers today, which is almost one-third of the country’s population and while serving them, we have to take care of all kinds of customers and their preferences amid digital lending becoming increasingly popular.
Commenting on the various risk aspects associated with banking, Khara said: “In good times mistakes are made. A banker should always keep risk in mind. People tend to ignore it, but that should not happen.”
However, he added that the system has been strengthened in terms of infrastructure and proper assessment of revenue streams can prevent unsecured loans.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 29, 2024 | 21:31 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.