SBI allows cash withdrawal with YONO cash
Now, the customers of State Bank of India (SBI) can withdraw money without an ATM card.
The largest lender SBI introduced a new service to ease cash withdrawals at more than 16,000 ATMs throughout the country.
There is no need to use either a debit or credit card to withdraw money from the ATMs of SBI.
The new service, YONO cash is launched by SBI for cardless withdrawal of cash.
By launching this cardless withdrawal, SBI became the first bank to offer such service in the banking sector.
The YONO cash facility is available at ATMs which are termed as YONO Cash Points.
This step improves the user experience, and their safety and convenience, says SBI.
After launching this service, the Chairman of SBI said that YONO cash is another major step of the bank to maximize the convenience and banking experience of their customers.
He added that this step would address the security issues that are involved with the debit or credit card in withdrawing the cash.
YONO cash helps the customers to withdraw cash without a physical debit card.
To use YONO cash, SBI customers have to download the YONO app after which they can initiate the cash withdrawal process.
They have to set a six-digit YONO Cash pin. Users would also get a six-digit reference number on their mobile through an SMS.
The users can now withdraw cash at the nearest YONO Cash point within 30 minutes using both PIN and the reference number.
YONO app has been downloaded by 18 million users by February 2019. Over 7 million users are using it actively.
YONO can be used by both Android and iOS users on their mobile phones. Users can also access through a browser on the web.
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