The State Bank of India has introduced a new facility for cardless withdrawals of cash. The facility named 'YONO Cash' can be availed at over 16,000 SBI ATMs across the country. With Yono Cash, India's largest lender SBI has also become the first commercial bank to offer this service in the country. In an official release, SBI said, "The ATMs enabled for this service will also be termed as YONO Cash Point. The bank expects YONO Cash to up the ante on customer delight by virtue of its security feature and the convenience of cardless cash withdrawals."

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Yono Cash features:

- Card less cash withdrawal through YONO from 16500 SBI ATMs

- YONO Cash enabled ATMs to be termed as YONO Cash Point

- Eliminates the risk of skimming and cloning

- Secured transaction with 2 factor authentication

How to do cardless cash withdrawal

The bank said that customers can start the cash withdrawal process on the YONO app and set a six digit YONO Cash pin for the transaction.

They will then get a six digit reference number for the transaction on their registered mobile number via SMS. The cash withdrawal needs to be completed within the next 30 minutes at the nearest YONO Cash point using both PIN and the reference number received.

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Rajnish Kumar, Chairman, SBI said, “YONO Cash is yet another step by the bank towards our goal of maximizing convenience and enhancing banking experience for our customers. The initiative will also address their concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature on YONO is designed to help its users withdraw cash without a physical debit card.

Through YONO, our endevaour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years."

The bank said that YONO SBI is a big leap forward for improving the way in which people consume financial and lifestyle services in the country. 

The bank claims, YONO is the "first comprehensive digital banking platform to offer customized products and services from 85 e-commerce players. YONO SBI launched in November 2017, has turned one and continues to witness overwhelming responses from its users."

As of February, 2019, YONO had over 18 million downloads with 7 million + active users. YONO can be accessed through Android and iOS powered mobile phones, and on the web through a browser, allowing for a seamless omni-channel customer experience. 

SBI plans to launch more features on YONO in coming years to make customers’ life easier.