Intending to promote cash withdrawal without ATM card, State Bank of India (SBI) is keen on taking forward its flagship mobile application feature ‘YONO Cash’ by popularising the product across customer segments.
YONO (You Only Need One), the bank’s integrated digital banking platform that lets its customers access various financial products such as online transfer, train/flight booking and utility payments, gained strength recently with the introduction of ‘YONO Cash.’ It is a feature claimed to be the first by any bank in India, including private and foreign banks. The feature does away with the ATM card and facilitates cash withdrawal at any of the bank’s cash points (ATMs) through the app with the help of a One Time Password (OTP). A customer can withdraw up to ₹20,000 a day through this app, which is apart from the maximum limit available for withdrawal through an ATM card.
‘Entirely free’
“Around 10 lakh Savings Bank customers in Andhra Pradesh have started using our app in the current financial year starting April 1, 2019. Similarly, we have over two lakh customers in the Tirupati zone comprising Chittoor, Kadapa and Nellore districts. In Tirupati city alone, 48,000 customers have downloaded this application,” SBI Deputy General Manager (Tirupati zone) P. Krishna Balaji said, adding that the service was entirely free and no amount would be levied on the amount withdrawn.
Addressing a media conference here on Wednesday, he said the bank was always ahead in upgrading its facilities and offering new schemes to its customers. The SBI would work in tune with the Union government’s aim to promote digital banking and offer enhanced transparency. “The new system will obviate the need for one to carry the ATM card, thus eliminating the scope for security compromise in the form of password theft or card cloning,” Mr. Balaji added.
SBI Regional Manager (Tirupati) R.B. Manoj Kumar, Chief Manager (digital banking) Sriman Narayana and Public Relations Officer B. Bhaskar Reddy were among those present.
