Mumbai, March 19: Considering the large number of debit card frauds taking place due to ATM card skimming and cloning, the State Bank of India (SBI) recently introduced YONO Cash- a facility that allows cardless cash withdrawal to consumers from ATMs. Cash Withdrawal Limit From ATM Reduced to Rs 20,000 by SBI.

Reports mention that SBI will enable all its 60,000 ATMs in the next six months for this service, which will also be termed as YONO Cash Point. New Rules for SBI Customers: These Banking Services May Take a Hit From December 2018.

Steps to Use State Bank of India (SBI)- YONO App

1. SBI Account Holders first have to activate online banking in case they haven't activated it so far. They have to get their phone numbers registered.

2. The account holders then have to download the "YONO SBI" app.

3. After downloading the app, account holders have to enter internet banking details required.

4. In order to withdraw cash from the "YONO SBI" App, the account holders have to open the app and register a request for cash withdrawal.

5. account holders will then receive a six digit code on the mobile number registered. The code is valid for only 30 minutes and cash has to be withdrawn within this time.

6. The account holder will then have to enter the six digit number in the ATM machine for withdrawing cash.

7. The facility will only be available at SBI ATMs and YONO cash points.

8. The maximum number of cash withdrawals that can be undertaken in a day through this facility is two.

9. Rs 10,000 is the cash withdrawal limit per transaction.

10. This facility will help prevent ATM or debit card frauds.

"This feature on YONO is designed to help its users withdraw cash without a physical debit card. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years," SBI chairman Rajnish Kumar told reporters here.

(The above story first appeared on LatestLY on Mar 19, 2019 04:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).