SBI to hive off YONO into independent platform, says Chairman Rajnish Kumar

State Bank of India (SBI) is planning to make its digital platform You Only Need One or YONO an independent entity and allow other banks to use its services, Chairman Rajnish Kumar said.

The country's largest bank is looking to employ the "pay per use" model to attract small financial institutions to use the platform. The model works best when the clients only want to pay for the services they use. According to the chairman, SBI's brand name would not be attached to the services rendered by other banks to their customers.

"Other banks can use YONO without using the brand," he said. Banks would need to connect via the YONO API without going through SBI's core banking system. Once the integration is successful, other banks can connect the API with their backend and use it with their branding, he explained.