SBI Current Affairs - 2019

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SBI launches cardless ATM withdrawal with YONO Cash

India’s largest Bank State Bank of India (SBI) has announced the launch of YONO Cash through which customers can withdraw money from ATMs without using a card.

How does the Cardless Cash Withdrawal work?

  • This Cardless Cash Withdrawal process works with two-factor authentication and eliminates the risk of skimming and cloning.
  • The customers have to set a 6-digit Yono PIN for withdrawing cash through the Yono app.
  • Once the process is initiated the customer will receive a 6-digit reference code via SMS, which will then have to be entered into a Yono Cash Point.
  • The cash withdrawal must be completed within the next 30 minutes at an ATM using both the PIN and the reference number.
  • ATMs enabled with this service will be termed as Yono Cash Point.

This cardless cash withdrawal will address the concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks and also maximizes convenience and enhances the banking experience for its customers.

National Common Mobility Card

Prime Minister Narendra Modi launched a National Common Mobility Card (NCMC), which can be used to make payments across public transport anywhere in the country, including Metro, bus and suburban railways, for toll and parking, and for retail like any credit or debit card.

National Common Mobility Card

  • The National Common Mobility Card (NCMC) was envisaged as part of the National Urban Transport Policy (NUTP) in 2006 by the Ministry of Housing and Urban Affairs.
  • Referred to as ”One Nation One Card”, this inter-operable transport card would allow the holders to pay for their bus travel, toll taxes, parking charges, retail shopping and even withdraw money.
  • It runs as on RuPay card and automates the fare collection system. This eliminates the need to carry change and cash while travelling in the metro, bus or train, or for toll and parking.
  • The gate and reader prototype for the NCMC has been developed by government-owned Bharat Electronics Limited (BEL) in compliance with the Make in India initiative.
  • These cards would be issued by all public and private banks the same way credit, debit, and prepaid cards are issued.
  • NCMC provides a value proposition for customers as they need not carry multiple cards for different usage and the super-quick, a contactless transaction will improve the seamless experience.
  • A pilot project for the NCMC ecosystem on January 31 with the Delhi Metro Rail Corporation (DMRC).
  •  The first-level trials were successfully completed in collaboration with CDAC, BEL, National Payments Corporation of India (NPCI), and State Bank of India.

The NCMC was launched by the Prime Minister while inaugurating the first phase of the Ahmedabad metro train service.