SBI Makes Cash Withdrawal Easier With Interoperable Cardless Facility

Bank users will now have access to UPI services including Scan and Pay, Pay by contacts, and Request money on YONO’s new avatar thanks to “YONO for Every Indian.”

New Delhi: State Bank of India (SBI), the largest commercial bank in the nation, unveiled its upgraded digital banking platform, named “YONO for Every Indian,” as well as Interoperable Cardless Cash Withdrawal (ICCW) features. As part of the 68th Bank Day celebrations that the bank celebrated yesterday, SBI introduced the facility. Bank users will now have access to UPI services including Scan and Pay, Pay by Contacts, and Request Money on YONO’s new avatar thanks to “YONO for Every Indian.”

SBI’s Statement On Launch

“This milestone upgrade further expands SBI’s commitment to providing inclusive and customer-centric digital banking services to every Indian citizen,” a statement issued by SBI said.

In 2022–23 itself, 64 percent, or 78.60 lakh savings accounts, were acquired digitally through YONO. The upgraded version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family, the statement added.

Interoperable Cardless Cash Withdrawal facility

“With the rollout of the Interoperable Cardless Cash Withdrawal facility, both customers of SBI and other banks can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality. The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen,” the statement said.

“Users can conveniently withdraw cash by employing the Scan and Pay feature available on their UPI application. While the groundbreaking facility simplifies the cash withdrawal process, it also ensures enhanced security for customers,” it added.

Eliminating the need to enter a PIN

By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimises the risks associated with shoulder surfing or card cloning, the bank said.

SBI chairman Dinesh Khara said, “SBI is dedicated to offering cutting-edge digital banking solutions that empower every Indian with financial independence and convenience. The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfil our goal of making the ‘YONO for Every Indian’ mission a reality.”

(With IANS inputs)

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