State Bank of India introduced card-free cash withdrawal from its ATMs in Bokaro Steel City aiming to curb the ATM’s frauds. Now customers can withdraw money from ATMs through using YONO app, without using a physical ATM or Debit card, said Shishir Kumar Regional Manager SBI.
Presently this facility has been started at five ATMs including Bokaro Steel City Branch, JAP 4, Sector 5, Chas Court Area and at Chas based ATM machine, he said adding “we are at work and all 82 ATMs would be equipped with this app (YONO) by this year-end.”
Through YONO, our endevaour is to create a digital universe by integrating the entire transactions ecosystem under one platform by the end of this financial year (2019-20), Kumar said.
This 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.
“It also maximizes convenience and enhances the banking experience for its customers. Transactions using YONO will be secured with two-factor authentication and will also eliminate the risk of skimming and cloning,” added Kumar.
SBI customers can initiate the cash withdrawal process on the YONO app and set a six-digit pin for the transaction. They will also get a six-digit reference number for the transaction on their registered mobile numbers via SMS. The cash withdrawal has to be completed within the next 10 minutes at an ATM using both the PIN and the reference number.
Customer can make a maximum withdrawal of Rs 20,000 in a single day or Rs 10,000 in a single instance (request), he said.