SBI plan: If all goes well, customers of the State Bank of India (SBI) will not need to carry ATM cards or check books to withdraw money over the next two years. The country’s largest commercial bank is working on a plan to fully digitize its processes. SBI aims to consolidate all types of transactions under one platform within two years. The bank will do this work with the help of its âYonoâ digital banking platform, according to a report by the PTI news agency. Yono is an integrated digital banking platform offering numerous financial and other services to users. The bank introduced the “Yono Cash” service last week, allowing customers to withdraw money from SBI’s Yono Cash ATM without using a debit card.
According to Bank Chairman Rajneesh Kumar, SBI’s effort through the Yono platform is to bring all kinds of transaction activities together under one platform to create a single digital universe. Kumar said the move would eliminate customer concerns about the security of debit card transactions.
With the help of the YONO app, customers can initiate the cash withdrawal process by setting a six-digit Yono Cash PIN for transactions. They will also get a six-digit OTP for the SMS transaction to their registered cell phone numbers. The customer will have to complete the customs clearance process within the next 30 minutes using the PIN code and the reference number.
Yono is SBI’s big step towards providing better financial and lifestyle services to the country. It is the first comprehensive digital banking platform to offer personalized products and services from 85 e-commerce companies.
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Yono SBI was introduced in November 2017. In February 2019, the Yono app has been downloaded over 1.80 million times. Currently, it has over 70 million active users.