The State Bank of India has launched the YONO Cash service for its customers which will allow them to withdraw cash from ATMs without their debit cards. A part of SBI's digital banking platform, You Only Need One (YONO), the cardless cash withdrawal service will be available across 16,500 ATMs of the bank in the country. Such SBI ATMs will be called YONO Cash Point.
"The initiative will address concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years," said SBI Chairman Rajneesh Kumar after the launch of the service.
How to withdraw cash using YONO Cash service:
SBI customers can use the YONO app on their smartphones to withdraw cash from SBI ATMs, or YONO Cash Points, without using their debit and credit cards. After installing the YONO app on their phones, SBI account holders will have to set a 6-digit YONO PIN for withdrawing cash.
Once a request for withdrawing cash is placed, a 6-digit code will be sent to the user's phone via SMS, which will then have to be entered into a YONO Cash Point.
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