SBI chairman Rajnish Kumar's YONO app target isn't overblown: Experts

Globally, payment solution providers such as Visa, MasterCard and PayPal are displacing traditional banks in the pecking order

A few weeks back when Rajnish Kumar, chairman, State Bank of India (SBI), said the bank’s YONO app must be valued at $40 billion and subsequently proposed that it be hived off into a separate subsidiary like SBI Cards & Payment Services, critics were doubting the efficacy of the strategy. The answer lies in understanding how the banking landscape has changed globally, and how India is progressing.

ICBC, China Construction Bank, HSBC, and JPMorgan Chase ruled the charts in terms of market capitalisation in the US a decade ago. Now, they have made way for Visa, MasterCard, and PayPal, indicating