The State Bank of India (SBI) launched YONO Cash, a new service that allows withdrawal of cash without a card at more than 16,500 SBI ATMs across the country.
SBI is the first bank to offer such a service to customers. These ATMs where a cardless cash withdrawal could be availed will be known as 'YONO Cash Point.'
With this initiative, India's largest commercial bank intends to address the card cloning and skimming issue faced by several debit and credit users in the past year.
In a statement, Rajnish Kumar, chairman of SBI said, "The initiative will address their concern of using the debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature on YONO is designed to help its users withdraw cash without a physical debit card."
How does YONO Cash work?
SBI customers can initiate a request for cardless cash withdrawal using the YONO app on their smartphones and set a 6-digit YONO Cash PIN for the transaction. A 6-digit reference number will also be sent to the customer on their registered mobile number via an SMS. The customer then has to complete the cash withdrawal with 30 minutes of receiving the PIN and reference number.
The YONO service, SBI's seamless omnichannel customer service, is available on Android as well as iOS platforms. It can also be accessed over the internet browser.