On 68th Bank Day, SBI launched new Interoperable Cardless Cash Withdrawal (ICCW) features; here's all you need to know about it.
State Bank of India (SBI), a major bank in the public sector, on Sunday updated its internet-based banking application, "YONO for Every Indian," and also included Interoperable Cardless Cash Withdrawal (ICCW) features. The 68th Bank Day of the institution served as the starting point for this.
In an official release, Dinesh Khara, the chairman of the State Bank of India, stated, "SBI is committed to provide modern digital banking products that enable every Indian with financial freedom and comfort. The YONO app has been updated in response to user demand for a seamless and enjoyable digital experience." Khara thinks that by doing this, SBI will be one step closer to realising its aim of "YONO for Every Indian."
Any bank user is going to gain access to UPI services such as Scan and Pay, Pay by contacts, and Request money using the upgraded YONO application, among others, on YONO's new interface. This action strengthens SBI's commitment to provide all Indian citizens comprehensive and customer-focused digital banking services.
Additionally, using the Interoperable Cardless Cash Withdrawal capability, clients of SBI and other banks are able to easily get cash from any bank's ATMs that have the "UPI QR Cash" feature. The payment process is going to be made easier through this accessible facility thanks to a single-use QR code that is shown on the ATM screen. Using the Scan and Pay function on their UPI application, users may simply receive cash.
In light of this, SBI's interoperable cardless money withdrawal through ATMs not only streamlines the cash withdrawal procedure for users, but also increases consumer security. By removing the need to physically touch debit cards or type a PIN, the ICCW service reduces the dangers of card duplication. Customers may also benefit from rapid cash withdrawals via an easy and safe digital way, which makes banking hassle-free for them.
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