State Bank of India (SBI) is planning to expand the user base for its Yono (you only need one) to 250 million in the next two years. The country’s largest lender is also planning to integrate Yono and buddy, its mobile wallet.

At present, 2.5 million users are registered under Yono, the digital platform offering financial services, lifestyle products and services of the SBI.

Mumbai: State Bank of India (SBI) has set a target to increase the user base for its app YONO (You Only Need One) by 100 times to 250 million in two years, chairman Rajnish Kumar said on Wednesday. Speaking to reporters after launching its new payment solution on Wednesday, Kumar said registered users for YONO have reached 2.5 million. “For YONO, we have big plans and our target is very ambitious for the next two years,” he added.

Mumbai: The board of State Bank of India (SBI), India’s largest lender, has approved a plan to cover legal expenses of current and former staff booked by investigating agencies, but where no probe has been ordered by the bank, two people aware of the development said. The bank, these people said on condition of anonymity, also plans to purchase an insurance policy to reimburse legal costs for staff indicted for fraud while taking business decisions.

Shares of State Bank of India (SBI) hit a six-month high of Rs 307, up 3% on the BSE on Monday, extending its Friday’s 1.6% gain after the public sector lender and Reliance Jio tied up to provide a platform offering digital banking, commerce, and financial services to customers.

India’s most profitable telecom company, with the country’s largest 4G customer base, has tied up with its largest bank, paving the way for creating India’s biggest digital bank with shopping and entertainment thrown in.

While SBI has over 42 crore customers, it has just 2.5 million on its online app YONO (You Only Need One app); all of RJio’s 23 crore customers are on its MyJio app which will now be seamlessly integrated with YONO.

NHAI will on Friday ink a pact with State Bank of India (SBI) for a long-term unsecured loan to the tune of Rs 250 billion.

This is SBI's highest long-term unsecured loan to any entity and also the largest ever loan sanctioned to NHAI.

SBI General Insurance reported a net profit of Rs 113 crore for the first quarter of current fiscal, over two-fold rise from the previous year. The rise in profit for the general insurer was largely due to the lower combined ratio and underwriting profits.

Rikhil Shah, CFO, SBI General Insurance said, “We are one of the youngest players in the sector and have seen a steady but impressive growth since commencing operations.

On the first day of a three-day meeting of the monetary policy committee (MPC), the country’s largest lender, State Bank of India (SBI), moved to hike its long-term deposit rates, albeit marginally.

SBI also slashed its shorter term bulk deposit rates (Rs 10 million to Rs 100 million) by 25-45 basis points (bps), while increasing the longer term bulk deposit rates by 5 bps to 60 bps.

State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce performance-linked salary structure for the senior management — a first-of-its-kind move among public sector banks (PSBs).

PNB Managing Director and Chief Executive Officer Sunil Mehta told Business Standard:

In a first towards bringing in transparency in political funding in India, political parties have redeemed electoral bonds worth Rs 427.3 crore, of the total 980 electoral bonds worth Rs 438.30 crore issued by SBI (State Bank of India) in the first three phases of the sale of such bonds.

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