Mumbai: The State Bank of India (SBI), the largest public sector lender, has announced the revamp of its digital banking application, ‘YONO for Every Indian,’ along with the launch of Interoperable Cardless Cash Withdrawal (ICCW) facilities. This initiative coincided with the bank’s 68th Bank Day.
According to Dinesh Khara, Chairman of the State Bank of India, SBI is committed to providing advanced digital banking solutions that empower every Indian with financial independence and convenience. The revamped YONO app has been designed to meet the expectations of customers, ensuring a seamless and enjoyable digital experience. Khara believes that this update will further contribute to SBI’s mission of making ‘YONO for Every Indian’ a reality.
The enhanced YONO application now offers UPI features such as Scan and Pay, Pay by Contacts, and Request Money to all bank customers. This expansion underscores SBI’s dedication to providing inclusive and customer-centric digital banking services to all Indian citizens.
In addition, the Interoperable Cardless Cash Withdrawal facility enables both SBI customers and customers of other banks to withdraw cash effortlessly from ICCW-enabled ATMs of any bank. This can be done by utilizing the ‘UPI QR Cash’ functionality and a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by using the Scan and Pay feature on their UPI application.
This interoperable facility not only simplifies the cash withdrawal process but also enhances security for customers. 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 instant cash withdrawal through a user-friendly and secure digital channel, ensuring a hassle-free banking experience.
Since its launch in 2017, SBI’s digital platform ‘YONO’ has gained the trust of over 6 crore registered users, making it one of the most trusted mobile banking apps in the country. In FY23, YONO acquired 64% or 78.60 million savings accounts digitally.
SBI believes that the upgraded version of the YONO app will empower customers of other banks to join the YONO journey, encouraging them to become part of the ever-growing SBI family.
