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\u201cThe only thing is that because it is sitting in the bank, it does not get reflected in the valuations. If it was sitting outside banks, my valuation would be, may be, $40-50 billion for YONO, given the valuations which the startups get,\u201d said Kumar said at ETBFSIConverge<\/a> on Wednesday. <\/p>\n India\u2019s largest bank is moving fast towards digital channels as more than half the transactions with over 450 million customers are place via digital channels. Mobile app YONO, which stands for You Only Need One, is the major contributor behind this escalating online growth. The app was launched by the bank three years back and has been acquiring customers significantly.<\/p>\n \u201cCurrently, 55 out of 100 transactions at SBI<\/a> are happening on digital channels. At present, it is giving loans of over Rs 70 crore per day, including on weekends,” said Kumar. <\/p>\n The bank has also been using data and analytics significantly even in the credit segment. \u201cWe are now offering pre-approved personal loans and pre-approved business loans. We are disbursing Rs 70-80 crore worth loans daily irrespective of whether the bank is open or closed. That’s the power of digital,\u201d Kumar added.<\/p>\n “The bank, which created the platform with help from consultant McKinsey and tech major IBM, makes a “decent IRR” (internal rate of return),” he said.<\/p>\n While discussing the impact of pandemic, he said that the bank had to go through its share of troubles to maintain an essential service like banking<\/a>, during lockdown.<\/p>\n \u201cNobody was prepared for Covid-19. It\u2019s a black swan event. Economy has been impacted all over the world. We observed an interesting change in the last 6-7 months in the banking sector. There were some good learnings. We are prepared for the future pandemic as well,\u201d he concluded.<\/p>\n<\/div>\n