SBI launches card less cash withdrawal from ATM
Customers of State Bank of India will no longer require debit cards or ATM cards to withdraw cash from ATM. This public sector announced Friday that the customers can generate a one-time pin (OTP) on their mobile application and use the pin to transact from the bank’s ATM.
SBI Chairman Rajnish Kumar said the new initiative will address concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks. “This feature on YONO is designed to help its users withdraw cash without a physical debit card," he said in a statement, adding that it also maximizes convenience and enhances the banking experience for its customers.
The service currently will be available at 16500 ATMs, with bank making “minor up gradations” on the rest of its ATMs to widen the facility to 60000 ATMs across the country in the next three to four months. The second phase of the project will have the bank integrate the technology to more cash distribution points.
Customers can initiate the two-step cash withdrawal process through their SBI YONO app and generate a six-digit OTP. The generated pin has a half an hour validity during which the customer can go to any of SBI’s ATM, authenticate the transaction using their pre-set YONO pin and then enter their six-digit OTP. The maximum one-time withdrawal limit on YONO cash transactions has been set at Rs.10000 and a customer can make only two such transactions a day.
The service will presently be limited for debit card customers. Gauging on the operational success of the service, the bank will decide in the upcoming months whether to extend the facility for its credit card customers as well.
