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State Bank of India (SBI) launches YONO Cash

State Bank of India (SBI) launches YONO Cash

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  16 March 2019 6:10 AM GMT

Staff Reporter

Guwahati: The State Bank of India (SBI) has launched YONO Cash for its customers which will allow them to withdraw cash from ATMs without their debit cards. 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. You Only Need One (YONO), the cardless cash withdrawal service, will be available across 16,500 ATMs of the bank in the country.

Customers can initiate the cash withdrawal process on the YONO app and set a six digit YONO Cash pin for the transaction. They will also get a six digit reference number for the transaction on their registered mobile number via SMS. The cash withdrawal has to be completed within the next 30 minutes at the nearest YONO Cash point using both PIN and the reference number received.

Speaking on the launch, Sunil Kumar Tandon, CGM, SBI North Eastern Circle said, “YONO Cash is yet another step by the bank towards our goal of maximizing convenience and enhancing banking experience for our customers. The initiative will also address their concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature on YONO is designed to help its users withdraw cash without a physical debit card.”

As of February 2019, YONO has over 18 million downloads with 7 million plus active users. YONO can be accessed through Android and iOS powered mobile phones, and on the web through a browser, allowing for a seamless omni-channel customer experience.

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