The State Bank of India (SBI) has launched its enhanced digital banking application ‘YONO for Every Indian’ and the Interoperable Cardless Cash Withdrawal (ICCW) facility.
In a press release issued on July 2, SBI said with the ‘YONO for Every Indian’, any bank customer will have access to UPI features like Scan and Pay, Pay by contacts, and Request money, among others. “This milestone upgrade further expands SBI’s commitment to providing inclusive and customer-centric digital banking services to every Indian citizen,” SBI said in the release.
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Since its launch in 2017, YONO, the mobile banking app, has over 60 million registered users. In FY23 alone, 64% or 7.86 million 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.
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. Users can conveniently withdraw cash using the Scan and Pay feature on their UPI application.
Dinesh Khara, Chairman of SBI, said, “The YONO app has been revamped, keeping in mind our customers’ expectations for a seamless and pleasant digital experience. This will further fulfil our goal of making the ‘YONO for Every Indian’ mission a reality.”
While the facility simplifies the cash withdrawal process and ensures enhanced customer security 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. Customers can enjoy the benefits of instant cash withdrawal through a user-friendly and secure digital channel, offering them a hassle-free banking experience. As part of the bank’s commitment to delivering innovative and customer-centric solutions, SBI has been actively strengthening its digital platforms, as per the press release.
