SBI rolls out Yono Cash

Hyderabad: Yono an integrated digital banking platform by State Bank of India, on Friday launched 'Yono Cash'. With this, Yono users get to withdraw cash without a debit card, from over 16,500 SBI ATMs across India.

India's largest commercial bank said, their customers can initiate the cash withdrawal process on the Yono app, by setting a six-digit Yono cash pin for the transaction. Besides, the ATMs enabled for this service would be termed as Yono Cash Point, it added.

Rajnish Kumar, Chairman, SBI said, "this feature on Yono is designed to help its users withdraw cash without a physical debit card. The initiative will also address their concern of using debit card at the ATMs by eliminating possible risk associated with it."

Further informing about eliminating the risk of skimming and cloning, the bank said that the customer will also get a six-digit reference number for the transaction on their registered mobile number via SMS. Wherein the cash withdrawal has to be completed within the next 30 minutes at the nearest Yono Cash point by using both PIN and the reference number received.

The digital banking platform offers customised products and services from 85 e-commerce players. Launched in November 2017, Yono has over 18 million downloads with over seven million active users, as of February 2019.