SBI launches cardless ATM withdrawals

  1. State Bank of India (SBI) has launched YONO Cash app using which customers can withdraw money from ATMs without using a card.It is a part of SBI’s digital banking platform,You Only Need One (YONO).The ATMs enabled for this service will be termed as Yono Cash Point.
  2. Customers can initiate the cash withdrawal process on the Yono app and set a six digit Yono Cash pin for the transaction.They will also get a six digit reference number for the transaction on their registered mobile number via SMS.
  3. The cash withdrawal has to be completed within the next 30 minutes at the nearest Yono Cash point using both PIN and the reference number received.This initiative has been launched to eliminate possible risk associated with the usage of debit card at the ATMs for cash withdrawals.
  4. An Automated Teller machine(ATM) is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to visit a bank branch.
  5. ATM’s are broadly classified into three categories(a)White Label ATM (WLA) which is set up,owned and operated by non-bank entities (b) Brown Label ATM in which banks outsourced the ATM operations to a third party and (c)Bank own ATM which are set up and owned by the bank itself.
  6. National Financial Switch(NFS) is the largest network of shared automated teller machines (ATMs) in India.It was designed,developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004,with the goal of inter-connecting the ATMs in the country and facilitating convenience banking.It is run by the National Payments Corporation of India (NPCI).