One of India's largest state lenders, State Bank of India has launched a cardless cash withdrawal technology that will allow users to withdraw cash from 16,500 of SBI ATMs without using their debit cards, The Indian Express reported.
The transactions here will be done using SBI's YONO app.
The SBI said in a statement, as reported by The Indian Express:
“This will be the first time an ATM will be enabled for a cardless withdrawal. “The ATMs enabled for this will also be called YONO Cash Point. Customers can initiate the cash withdrawal process on the YONO app and set a six digit YONO Cash pin for transaction. They will also get a six digit reference number for the transaction on the registered mobile number via SMS.”SBI, in a statement
Withdrawals have to be completed within next 30 minutes at the nearest YONO cash point. Both the PIN and reference number will be needed for a successful transaction, the report said.
SBI has that largest network of 22,000 branches in India and about 58,000 ATM/CDM’s.
About 5.73 crore customers are using internet banking facilities while about 1.32 crore are mobile banking users. The YONO app has crossed 18 million downloads and has more than 10 lakh logins per day, according to The Indian Express report.
(With inputs from The Indian Express)
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