SBI YONO to be Launched Today; Will Allow Instant Loans, Savings Accounts

India’s largest lending bank, State Bank of India (SBI) will launch its ground-breaking mobile application, You Only Need One (YONO), on Friday. The app will be launched by Finance Minister Arun Jaitley. The digital platform offers a host of services including swift loans and the creating of savings accounts.
YONO will allow customers to pay for books, renting cabs, entertainment, eating out, travelling and medical services. Its 60-odd e-commerce partners will provide exclusive offers and discounts to YONO users. Prominent e-commerce players like Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus etc have partnered with YONO.

All these features will be accessed by using just one user identity and password. Customers can open their bank accounts with SBI in a few minutes, transfer funds, and utilize various other services. The application can be accessed on web browser and mobile phones– Android and iOS platforms. Customers can also get pre-approved bank loans without any paper work and hassles.
“Customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password. The portal has been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions. We believe this app will help us increase engagement with our customers and enhance their banking,” SBI chairman, Rajnish Kumar said.