SBI launches interoperable cardless cash withdrawal facilities

By Consultants Review Team Monday, 03 July 2023

TheThe country's largest lender State Bank of India (SBI), launched its enhanced digital banking application, 'YONO for Every Indian' and Interoperable Cardless Cash Withdrawal (ICCW) facilities. The facility was launched by SBI as part of the 68th Bank Day celebrations. With 'YONO for Every Indian',  bank customers will have access to UPI features like Scan and Pay, Pay by contacts, and Request money, among others, on YONO's new avatar.

"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.

"With the rollout of 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. 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.

By eliminating 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, 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 fulfill our goal of making the 'YONO for Every Indian' mission a reality."

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