New Delhi. With the intention of promoting digital platforms in the banking sector, State Bank of India (SBI) will set up 10 lakh YONO cash points across the country in the next 18 months. Through YONO Cash Point, its customers can withdraw money from ATM without making debit card and make other payments.
SBI Chairman Rajneesh Kumar said that this platform is safe and there will be no need to use debit cards in its use. He told that in future customers can pay bills and digital transactions through YONO Cash. In the next 18 months, we will establish 10 lakh YONO cash points in the country. About 70 thousand cash points have already been established.
Worried about having your ATM Card cloned? Now triumph like Hima as you withdraw money without an ATM Card, using the #YONOCash feature on #YONOSBI. Download: https://t.co/yjDSsjkoWj— State Bank of India (@TheOfficialSBI) August 19, 2019
#StateBankofIndia #YONOSBI #YONOCash #HimaDas #BrandAmbassadors #CardlessWithdrawals #Secure pic.twitter.com/hkIjxklDFW
He said that the bank has no plans to discontinue debit cards, but the increase in usage of digital platform will reduce the need for debit cards for the customer. He said that we are popularizing the digital banking platform. It is more secure and there will be no need for the customer to use a debit card when using this platform.
YONO is a digital banking platform and customers can use their smartphone for cash withdrawal. Through this, transactions and bills can also be paid. Kumar said that customers are getting good response to the new offer by banks to link home loan to repo rate. He said that it is at the wish of the customers to go with the new product or to combine their home loan with MCLR.
On the slowdown in the automobile sector, he said that a comprehensive analysis is needed. Along with this, he called for the need to make the agricultural sector commercially viable. He said that despite the loan waiver, the condition of the farmers does not improve, so it should be considered.
Source : thehindubusinessline.com