Launching the Yono Cash service in Mumbai on Friday, SBI chairman Rajnish Kumar said that the cardless withdrawal will currently be available at 16,500 SBI ATMs and would eventually be extended to all 60,000 ATMs of the bank. The service enables the user to generate a dynamic code using the Yono app, which can be used within 30 minutes to withdraw money from any SBI ATM.
“This facility can be used by customers to send money. Usually, customers are asked not to share their PIN number. But in this case, the PIN has only one-time use,” said Kumar. Customers can start the cash withdrawal process on the Yono app and set a six-digit cash pin for the transaction. They will also get a six-digit reference number via SMS. The cash withdrawal must be completed within half an hour using both PINs and the reference number received.
“The initiative will also address the concern of using debit card at ATMs for cash withdrawals by eliminating possible risks associated with it. Our ultimate objective is to do away with plastic,” said Kumar.
Get real time update about this post categories directly on your device, subscribe now.