No need to carry Chequebook, ATM card soon! This is what SBI is working on
SBI Plan: If all go well, the State Bank of India (SBI) customers won't need to carry ATM cards or chequebook to withdraw cash in the next two years.
SBI Plan: If all go well, the State Bank of India (SBI) customers won't need to carry ATM cards or chequebook to withdraw cash in the next two years. The largest commercial bank of the country is working on a plan of complete digitalisation of its processes. SBI aims to bring all types of transactions under a single platform in two years. The bank will do this work with the help of its digital banking platform 'Yono', according to a report by news agency PTI. Yono is an integrated digital banking platform offering many financial or other services to users. The bank introduced "Yono Cash" service last week, allowing customers to withdraw money from SBI's Yono Cash ATM without using debit cards.
According to the bank's chairman Rajneesh Kumar, the SBI's effort through the Yono platform is to bring all kinds of transaction activities under a single platform to create a unique digital universe. Kumar said this initiative will remove customers' concerns about the security of debit card-based transactions.
With the help of YONO App, customers can start the process of cash withdrawal by setting a six-digit Yono Cash PIN for transactions. They will also get a six-digit OTP for the transaction through SMS on their registered mobile numbers. The customer will have to complete the clearance process in the next 30 minutes with the help of both the PIN and the reference number.
Yono is SBI's big leap towards providing better financial and lifestyle services in the country. It is the first comprehensive digital banking platform to offer customized products and services from 85 e-commerce companies.
— Zee Business (@ZeeBusiness) March 15, 2019
Yono SBI was introduced in November 2017. By February 2019, the Yono App was downloaded over 1.80 million times. Currently, it has over 70 million active users.