SBI Seeks Clarification From RBI On Digital Platform
As State Bank of India’s one-stop solution platform ‘YONO’ for accessing all the banking services digitally remains suspended following the Supreme Court’s order on Aadhaar, the bank has sought clarity from the RBI for an alternative solution, a top official said.
The Supreme Court order on September 26 said it was not mandatory to link the 12-digit unique identification number Aadhaar for opening or availing banking services, among others.
Since then, SBI has disabled the facility of opening a paperless bank account through ‘You Only Need One’ (YONO) temporarily. Customers are required to visit a branch to open an account.
“As of now the e-KYC is not being permitted, so we want some clarification from the RBI. We have discussed this with the regulator. So after the clarification comes, then we can start (doing e-KYC through Aadhaar),” the official told PTI.
The digital platform ‘YONO’, launched in November 2017, offers all financial services and lifestyle products and services of the bank including opening an account without visiting a bank branch.
Customers could transfer funds, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposits.
Before the SC order on Aadhaar, the unique identification number was made mandatory for a host of services including banking and telephony and became a one-point solution to complete the know your customer requirement at an affordable cost.