Customers of State Bank of India will no longer require debit cards to withdraw cash from ATM. The state-owned lender announced Friday that the customers can generate a one-time pin (OTP) on their mobile application and use the pin to transact from the bank’s ATM. The service currently will be available at 16500 ATMs, with bank making “minor upgradations” on the rest of its ATMs to widen the facility to 60000 ATMs across the country in the next three to four months, chairman Rajnish Kumar said. The second phase of the project will have the bank integrate the technology to more cash distribution points.
Customers can initiate the two-step cash withdrawal process through their SBI YONO app and generate a six-digit OTP. The generated pin has a half an hour validity during which the customer can go to any of SBI’s ATM, authenticate the transaction using their pre-set YONO pin and then enter their six-digit OTP. “The service can be used by a customer only on one device. We’re using a two-factor authentication process and generating a six-digit pin. It is the highest standard of security,” said a senior official at the bank. “We want to protect our customers from potential debit-card theft, cloning and other frauds. We have found this to be a safer more secure alternative for ATM transactions than debit cards,” he said.
The maximum one-time withdrawal limit on YONO cash transactions has been set at Rs.10000 and a customer can make only two such transactions a day. Currently SBI YONO application has 7 million users and SBI Anywhere application has 10 million plus users. The bank will integrate both the applications soon and make it a consolidated platform for all its payment solutions including the bank’s IMPS and UPI based payment channels, SBI officials said. The service will presently be limited for debit card customers. Gauging on the operational success of the service, the bank will decide in the upcoming months whether to extend the facility for its credit card customers as well.