- State Bank of India (SBI) on March 15, 2019 launched ‘YONO Cash’ for cardless withdrawal of cash..
- This service was launched at over 16,500 SBI ATMs across the country.
- This facility allows customers to initiate the cash withdrawal process on the YONO app and set a six-digit YONO Cash PIN for the transaction.
- They will also get a six digit reference number for the transaction on their registered mobile number via SMS.
- After getting the six digit reference number, the withdrawal has to be completed in the next 30 minutes at the nearest ATM.
- According to the SBI Chairman Rajnish Kumar, the initiative will also address their concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it.
- The SBI has the largest network of 22,000 branches in India and an ATM/CDM network of over 58,000.
- The number of customers using internet banking facility are close to 5.73 crores and mobile banking services stand at 1.32 crores.
