MUMBAI: The State Bank of India on Friday launched cardless cash withdrawal facility for its customers using the YONO app from its ATMs across the country. Customers, who have the YONO app installed in their smartphones, can generate one-time six-digit PIN number via app. Once a request for withdrawing cash is placed, a six-digit code will be sent to the user’s phone via SMS. This can then be entered into a nearest SBI ATM to withdraw cash within half an hour.
This facility would be available at 16,500 SBI ATMs. The limit is currently fixed at Rs10,000. “There are currently several issues with debit cards, identity theft, skimming, cloning … it is becoming increasingly unsafe for customers to use debit cards,” said Rajinish Kumar, SBI chairman.
The bank, he said, is trying to ultimately eliminate debit cards to make transactions more secure and also for the customer convenience. This facility of one-time PIN-generated transaction would also be extended to POS (point of sales) transactions, Kumar said.“The launch of YONO Cash makes SBI the first bank to offer this service in the industry. The ATMs enabled for this service will also be termed as YONO Cash Point,” the bank said in a statement.