Lifestyle for banking has become easier per day as banks introduce new technological advancements to make transactions easier and accessible to everyone. The State Bank of India has introduced many mobile banking services online, which offers numerous benefits for Mobile payment, Loans, credit assurance, etc.
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What is Yono Business app?
Yono business app is an integrated app that helps corporate internet banking users and SME and MSME. SBI has many other apps which help corporate and individual such as SBI YONO/Lite, BHIM SBI Pay, SBI Buddy, and SBI Anywhere Personal. Yono Means You Only Need One, a single app for all your services.
The Yono Business App is a unified banking solution that can be accessed across all the devices, allowing you to plan, manage, grow & address corporate financial needs. Here’s a short step-by-step guide to registering for the app and its features.
How To Register on the SBI Yono App?
You have to be an existing customer for the State Bank of India to register through phone number, and Net banking is easier than ever, which gives us the option of setting up an account through the comfort of our home. People with savings accounts, current accounts, SBI Mudra Loan, PMI Banking, Net banking can use this app.
STEP 1- Download the SBI Yono App On Playstore
STEP 2- Upon Download, open the app and click on existing customer
STEP 3- You will receive three steps to complete the registration process and are asked to upload your account details, such as Account Number and Date of Birth. The nearest branch to your location is assigned as a default home branch.
STEP 4- After submitting the above, a six-digit one time password will be sent to the number registered with your SBI Account.
STEP 5- Review the customer details and choose your transaction method, assisting in the respective financial mode.
STEP 6- You will be asked to choose a username and password for internet banking, after which a referral code is sent in a case for future members’ reference.
STEP 7- Visit the home branch selected in Step 3, and once the username is approved, the bank will send an activation code to your registered mobile number and email id.
STEP 8- Now, Open the app and select I have Activation Code. Now, enter the approved username, password, and activation code.
STEP 9- The net banking account is successfully registered; now go to Yono Home and log in. You will be asked to change the password, right after which you have to set a six-digit MPIN.
STEP 10- After setting the six-digit MPIN, you will receive an OTP on your number upon entering, in which your account is registered and activated.
SBI Yono Applications
- CIMB (Corporate Internet Banking) – This feature allows you to access banking from anywhere. The transaction modes are customisable for a single user or multi-user, helping you define your rights, which would help small businesses manage an account together. The feature allows you to pay taxes directly to the State and Central governments.
- CMP (Cash Management Product) – This is a payment gateway solution that helps government institutions, autonomous institutions to make bulk payments to vendors, petty cash management, and salary payouts on short funds notice. There are multiple tunnels for bulk transactions and online platforms for RTGS, NEFT, intra bank transfers, cheques, and demand drafts.
- SCF (Supply Chain Finance) – This is a one-stop solution for businesses to transact with their vendors and sellers. It is a robust B2B platform that includes electronic finance schemes for vendors and sellers.
- E Forex – This product is designed for small and medium businesses with high-frequency currency transactions for international trade. E forex is accessed online, and market updates are given live about International currencies. It also helps in currency fluctuations and offers a real-time forex price rating to boost market value.
- E-Trade – This is a perfect model for global trade opportunities. This trade service assists in international trade without any complications for small and medium businesses to attain short-term finance. The application offers Trade MIS, which helps us access trade-related information.
Key Features of Yono Business App
- India’s Biggest Shopping Marketplace – Avail exclusive discounts and prices on more than 80 e-commerce platforms and offers for all modes of transportation.
- Pre Approved Loans- An excellent feature for small businesses to get approved for a loan in 2 mins, without any documentation.
- Avail liquidity against overdraft on Fixed Deposit in one go.
- The Yono App provides a Simple Onboarding process where a single username and password are used to avail the its multiple services.
- You have personalized spending analysis to categorize your finances.
The “You Only Need One” Business app is an all-in-one solution application for many small and medium business owners, vendors, sellers, institutions, etc. The State Bank of India has offered these advancements to progress towards a tech-equipped nation and offer a platform for up and coming entrepreneurs. This provides a maximum advantage for merchants to avail these services and fund their way up to the market standards for a better tomorrow.