State Bank of India, the country's largest lender, on Friday launched cardless ATM withdrawals with its YONO (You Only Need One) Cash.
"This feature on YONO is designed to help users withdraw cash without a physical debit card. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next two years," SBI chairman Rajnish Kumar told reporters.
Yono Cash enable users to access a variety of financial and other services such as taxi bookings, online shopping, or medical bill payments.
Currently, YONO is offered as a smartphone app for both Android and iOS.
The bank will enable all its 60,000 ATMs in the next six months for this service, which will also be termed as YONO Cash Point.
The facility will only be available on SBI ATMs and PoS terminals. The feature, which is being rolled out in a phased manner will be available only at 16,500 ATMs of the SBI.
How it works
Customers of SBI can use the YONO app on their smartphones to withdraw cash from SBI ATMs, or YONO Cash Points, without using their debit 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. The 6-digit code will then have to be entered into a YONO Cash Point.
The 6-digit code is only valid for a single time use. It will be generated every time the user makes a transaction. Cash withdrawal must be completed within half an hour after receiving via SMS.
Customers can withdraw up to Rs 10,000 per transaction and make two withdrawals a day using the application, which is over and above the limits on usage of cards at SBI and other bank ATMs.
Currently, customers have to pay a bank charge for usage of more than five ATM transactions carried out on SBI ATMs and five on other bank ATMs.
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Updated Date: Mar 16, 2019 12:50:53 IST