Banking Institutions in India have initiated privatization; corporatization of the ownership of the banking institution with Central and State Government authorities withdrawing majority stake and selling the stake to the private business units and enterprises thereby increasing the productivity of the business structure. State Bank of India for a long time now has functioned as the premium public-private undertaking banking institution in India with the largest pool of assets and serving the largest customer base, touching upon all the segments of the societal ladder. It launched the web application Yono, which was to introduce Internet Banking to remote users and familiarize them with core banking solutions from the premises of their home. The launch of Yono had brought about positivity in the banking environment of the State Bank of India and professionalizing banking services for the consumers of this public banking authority.
Owing to the drive of privatization initiated by the Central Government authorities, the State Bank of India has decided on shelving plans to hive off the Yono application. Yono would now cater to the lenders of the competing banking institution and provide them with core banking services and leveraging their banking needs and benefits. The spectrum of the application would be considerably expanded with the horizon of the practical activities that can be performed with the application increasing exponentially. The authorities have said that the move of privatizing banking institutions has been started by the Government institutions. Under such circumstances increasing the horizon of functioning for Yono has gathered steam. Therefore it has been decided that the Yono would take place. Yono applications would now be integrated with Regional Rural Banks and Cooperative Banking Institutions. Thus the ambit of performance for Yono would increase thereby extending the functioning criterion of Yono, making it one of the leading banking applications in the country.
Therefore Yono Application of SBI would be at the front-line of the move initiated by the Central Banking Authorities in the country.