Going Cardless: Cash Without Cards
Mar 22, 2019 By Admin
In another move to make banking & cash withdrawal further secure, the leading bank SBI has introduced the cardless withdrawal facility at its ATMs where you can withdraw cash without using your Debit Card.
The move is seen as a continuation of the security measures being taken by Govt. of India to make Digital Banking not only secure but also advanced to the level where ATM jacking is not possible.
In order to go cardless, one would need to install YONO SBI app installed in their smartphones with the registered mobile no.(registered with the bank). Post installation, you have to go through the setup wizard where you have to register with your Net Banking Id or ATM Card & PIN.
Post registration, you can go cardless by entering the amount to be withdrawn in the SBI YONO app. You have to enter the amount to be withdrawn in the App and you get a 6-digit reference number for the transaction, which is valid for 30 minutes. Now you can go to any SBI CASH POINTS where you can withdraw cash using this reference number. Only two transactions are allowed in a day using the YONO app for which the upper limit is Rs. 10,000.
This can be seen as a move to ultimately eliminate the use of debit cards to make the transactions more secure and convenient.
Published by : RAKESH KANWAR & CO.
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