State Bank of India (SBI) has set an ambitious target to double the user base of its digital banking platform YONO to 20 crore customers over the next two years, backed by significant investments in technology infrastructure, Chairman C S Setty said.

Speaking to PTI, Setty said the launch of YONO 2.0 marks a major step in SBI’s digital transformation journey. The upgraded version offers an improved customer experience and a stronger digital backbone for the bank, with full-fledged features to be rolled out over the next 6–8 months.

He explained that YONO 2.0 serves as a core digital anchor, built on a common code base for both internet and mobile banking. This unified architecture will enable seamless customer journeys across digital channels and bank branches, making processes such as account opening and transactions smoother and faster.

Currently, around 10 crore customers use SBI’s digital platforms. “Our objective is to reach a combined base of about 20 crore customers on YONO mobile and internet banking. Achieving this scale requires substantial investment in infrastructure, which we are committed to making over the next two years,” Setty said.

On the financial front, the SBI chairman expressed confidence in maintaining the bank’s net interest margin (NIM) guidance of 3 per cent despite the Reserve Bank of India’s recent 25 basis points repo rate cut to 5.25 per cent. Following the cut, SBI reduced its repo-linked lending rate to 7.90 per cent and lowered MCLR across tenures by 5 basis points.

Setty also said SBI may not require equity capital for the next 5–6 years while sustaining credit growth and a capital adequacy ratio of 15 per cent. He added that strong momentum in the Retail, Agriculture and MSME (RAM) segment—now accounting for 67 per cent of loans—is expected to drive 14 per cent overall credit growth this fiscal, supported by rising gold loans and unsecured personal credit.