Country’s largest commercial lender SBI in a bid to reduce plastic usage has introduced a new application using which one can withdraw money from ATMs (Automated teller Machines) using their debit cards. The new mode of transaction will also be available soon at Point of Sale (PoS) terminal.
SBI’s chairman Rajnish Kumar, while launching this new service called Yono Cash service said, the new card less service would be available at 16,500 as of now but soon will be available at all the 60,000 ATMs of SBI. The service enables the user to a generate a dynamic code using the Yono app, which can be used within 30 minutes to withdraw the cash from 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.
In order to withdraw cash using the Yono app the user first needs to set a 6 digit cash pin to enable the transaction. The user will also get a 6 digit reference number via SMS. But the process must be completed within the 30 minutes.
“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.