The largest public sector lender, State Bank of India (SBI) on Sunday revamped its digital banking application ‘YONO for Every Indian’ and further launched Interoperable Cardless Cash Withdrawal (ICCW) facilities. This was done on the backdrop of the lender’s 68th Bank Day.
In a statement, Dinesh Khara, Chairman of the State Bank of India, 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.”
Khara believes this will further fulfill SBI’s goal of making the ‘YONO for Every Indian’ mission a reality.
Through the enhanced YONO application, any bank customers will now have access to UPI features like Scan and Pay, Pay by contacts, and Request money, among others on YONO’s new avatar.
This move further expands SBI’s commitment to providing inclusive and customer-centric digital banking services to every Indian citizen.
Further, under the Interoperable Cardless Cash Withdrawal facility, both the customers of SBI and other banks can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality.
Also, in the interoperable facility, the transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by employing the Scan and Pay feature available on their UPI application.
That being said, SBI’s interoperable cardless cash withdrawal through ATMs — not just simplifies the cash withdrawal process — but also enhanced security for customers. How? The facility eliminates the need to enter a PIN or physically handle a debit card, the ICCW facility minimizes the risks associated with shoulder surfing or card cloning.
Moreover, customers can also enjoy the benefits of instant cash withdrawal through a user-friendly and secure digital channel, offering them a hassle-free banking experience.
SBI has emerged as one of the most trusted mobile banking app in the country with over 6 crore registered users in its digital face ‘YONO’ since its launch in 2017.
In FY23, 64% or 78.60 Lakh savings accounts were acquired digitally through YONO.
Hence, SBI believes 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.
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Updated: 02 Jul 2023, 03:11 PM IST