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Current Affairs

YONO Cash: SBI launches India’s first cardless ATM withdrawal service

Date: 18 March 2019 Tags: Banking Schemes & Policies

India’s largest bank State Bank of India (SBI) has launched of YONO Cash using which customers can withdraw money from ATMs without using card. With this, SBI became first bank in India to launch cardless ATM withdrawal service.

YONO Cash

  • SBI customers can initiate cash withdrawal process on YONO app and set six-digit YONO pin for transaction.
  • After initiating process, customers will also get six-digit reference number for transaction on their registered mobile numbers via SMS.
  • ATMs enabled for this service will be termed YONO Cash Point. Cash withdrawal under it has to be completed within 30 minutes at ATM using both PIN and reference number.
  • The transactions using YONO is secured with two-factor authentication. It also eliminates risk of skimming and cloning.

Benefits

  • Through YONO, SBI seeks to create digital universe by integrating entire transactions ecosystem under one platform in coming years.
  • It is designed to help SBI customers to withdraw cash without physical debit card.
  • It seeks to maximize convenience and enhance banking experience for its customers.

It will address concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks