UKIBC help SBI to launch mobile banking app YONO

By Kealan Finnegan

UKIBC were delighted to help State Bank of India launch their mobile banking app YONO in the UK last night.

With more than 13 million users in India since launching YONO domestically in 2017, SBI have decided to begin a global campaign in the UK. With one of the largest Indian diasporas and plentiful business links with India, the UK is well suited to support YONO and SBI’s global growth. The app meets all users banking needs, from sending remittances, to accessing better exchange rates, and changing contact details.

As part of the evening, UKIBC CEO, Richard Heald, held a discussion with SBI Chairman, Rajnish Kumar. On YONO, Mr Kumar noted the importance of convenience and simplicity, as well as trust and security in order to attract new users and create value for existing customers. As Mr Kumar put, mobiles are an extremely powerful and popular tool, and one that can help to bring financial instruments including shopping and investments to all users, from rural farmers to SMEs. As Richard commented during the discussion, that is ‘tremendously empowering’.

In addition to the app, Richard and Mr Kumar considered ease of doing business and how SBI can contribute to development in India. With a growing penetration rate of over 50 percent of the Indian population, access to technology provides great opportunity in India. On the recent corporate tax cuts declared by the Indian government, Mr Kumar was in full support. He said cutting taxes has been very much needed and India’s new corporate tax rate is now comparable or among the lowest in the region, which will help to make India an attractive market for any investor.

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