On Friday, the state-owned national bank State Bank of India (SBI) launched “YONO Cash” service that allows all its customers to withdraw cash from ATMs without having to use their respective ATM cards.
Addressing the “concerns and risks involved in using debit cards at the ATMs for cash withdrawals”, SBI introduced a new facility to all its customers called the “YONO Cash”. Here, YONO stands for You Only Need One, and the stunning cardless cash withdrawal will now be possible using SBI’s new YONO Cash facility available at 6500 ATMs of the bank in the country. The ATMs that will facilitate this new feature will be called YONO Cash Points, and they will let you withdraw cash via a simple mobile phone app called “YONO” – removing the need of debit or credit cards for cash.
To avail the service, you will require to install the YONO app on your smartphones from SBI’s official Play Store and App Store account. After which, you will be required to set a 6-digit YONO PIN for withdrawing cash and you are ready to head to one of those cash points where you can request for cash withdrawals through machine request. Once a request for withdrawing cash is placed, a 6-digit code will be sent to the user’s registered mobile number via SMS, which will then have to be entered into the cash point machine. For security reasons, the 6-digit PIN expires in 30 minutes and hence, withdrawal has to be completed within the given time using both PIN and the reference number received.
At the launch event of the new feature on Friday, SBI Chairman Rajneesh Kumar said that the cardless cash initiative was introduced by the bank to remove the concerns associated with having to use physical cards for ATM cash. He envisioned that saying that, “through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years”.