In a major push for digital financial inclusion, the State Bank of India (SBI) has unveiled an ambitious plan to double its mobile banking user base. Chairman C S Setty announced on Tuesday that the bank aims to reach 20 crore mobile banking customers within the next two years, a significant jump from the current count of approximately 9.4 crore.
The Yono 2.0 Revolution: More Than Just an App
This aggressive growth target is tied to the launch of Yono 2.0, SBI's completely revamped digital platform. Setty emphasized that this is not merely a mobile application update. The bank has rewritten its entire internet banking code, now rebranded as Yono Net Banking, and launched a fully reimagined mobile app. The core design principle is simplification across all customer journeys.
To ensure a smooth transition for customers, SBI is massively expanding its in-branch digital support network. The bank plans to increase its fleet of floor managers from the current 3,500–4,000 to 10,000 across the country by March. These managers will assist customers in migrating to digital channels while still providing conventional banking services.
A Seamless 'Phygital' Experience and Cost Benefits
A key feature of Yono 2.0 is the seamless integration between digital and physical banking. SBI has redesigned its branch systems to mirror the customer journeys available on mobile and internet banking. "If a customer starts a journey on mobile or internet banking and is unable to complete it, they can walk into a branch and complete the same journey seamlessly," Setty explained. He called this a critical element for customer experience.
The bank's strategy is firmly digital-first but not digital-only, an approach Setty terms "phygital." Branches will be reimagined rather than scaled down. The financial logic is compelling: digital onboarding costs are roughly one-tenth of branch-based customer acquisition. While Setty declined to quantify overall savings, the cost efficiency is a clear driver.
Targeting Youth and Competing with UPI Apps
SBI is specifically targeting younger demographics, with about one-third of its customer base already below 30 years of age. The bank opens around 70,000 accounts daily, and its goal is for 90% of digitally onboarded customers to come through the mobile application.
Setty stated that Yono 2.0 is designed to compete directly with third-party UPI apps. "Payments were the single most important feature customers asked us to reimagine. The UPI stack has been completely redesigned," he said. The application is built to be lightweight, functioning efficiently across various devices and network conditions.
On security, the platform follows a "security-by-design" framework, giving customers direct control over transaction limits. The bank monitors 60–70% of transactions in real or near-real time.
The Road Ahead: Migration and Vision 2030
The rollout of Yono 2.0 has already begun. Approximately 3.5 crore existing internet banking users have been migrated to the new Yono Net Banking interface, with positive feedback on its user-friendly design. Most Android users are expected to migrate over the next two weeks via an app upgrade.
Launched in 2017, Yono now handles the bulk of SBI's digital activity, with 93% of customer-initiated payments conducted digitally and cumulative digital lending crossing Rs 2 lakh crore. Setty revealed that work on Yono 3.0 has already commenced, with simplification remaining the core principle.
For SBI, Yono is the cornerstone of its future. "Yono is more than a platform," Setty concluded. "It is a digital operating system for SBI's Vision 2030." The bank's massive digital push, anchored on what it calls "Yono-isation," sets the stage for a transformed banking landscape in India.
