Page 23 - Banking Finance April 2019

PRESS RELEASE

SBI introduces cardless ATM withdrawals with YONO Cash

YONO SBI - India's first integrated Omni-channel banking & lifestyle platform - launched 'YONO Cash' for card less
withdrawal of cash at over 16,500 SBI ATMs across the
country. The launch of YONO Cash makes SBI the first bank
to offer this service in the industry. The ATMs enabled for
this service will also be termed as YONO Cash Point. The
bank expects YONO Cash to up the ante on customer
delight by virtue of its security feature and the
convenience of card less cash withdrawals.
Customers can initiate the cash withdrawal process on the
YONO app and set a six digit YONO Cash pin for the
transaction. They will also get a six digit reference number
for the transaction on their registered mobile number via
SMS. The cash withdrawal has to be completed within the
next 30 minutes at the nearest YONO Cash point using both PIN and the reference number received.
Speaking on the launch, Mr. Rajnish Kumar, Chairman, SBI said, "YONO Cash is yet another step by the bank towards our
goal of maximizing convenience and enhancing banking experience for our customers. The initiative will also address
their concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This
feature on YONO is designed to help its users withdraw cash without a physical debit card. Through YONO, our endevaour
is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years.
YONO SBI is a big leap forward for improving the way in which people consume financial and lifestyle services in the
country. It is the first comprehensive digital banking platform to offer customized products and services from 85 e-
commerce players. YONO SBI launched in November 2017, has turned one and continues to witness overwhelming
responses from its users. As of February, 2019, YONO has over 18 million downloads with 7 million + active users. YONO
can be accessed through Android and iOS powered mobile phones, and on the web through a browser, allowing for a
seamless omni-channel customer experience. SBI is all set to launch more features on YONO in coming years to make
customers' life easier.

Kochi1 Card becomes the country’s first inter-modal transit card

The Kochi1 card, a joint effort by Kochi Metro Rail Corporation (KMRL) and Axis Bank, India’s third largest private sector
bank, has gone live for Kochi residents commuting by buses. The
services which have been rolled out in 50 buses currently, will be further
extended to cover a large number of city buses. The card is seen as a
major convenience for people using public modes of transport in the
city and with this extension of services, Kochi1 has become India’s first
Open Loop Interoperable EMV card for public transport.

As an initial offer for the bus commuters, Axis Bank would provide 100%
discount on the card fee on the Kochi1 card for a duration of one month
and to provide an extra boost to the usage of the card, bus operators
are providing a 5% discount on the tickets. This offer is in addition to the 20% Discount on Metro rides and 33% Discount
on the Metro trip passes. Commuters also benefit from various discount offers from a range of merchants across Kochi.
In line with the Indian Government’s vision of the Common Mobility Card, KMRL and Axis Bank had launched Kochi1 card
in June 2017 to offer an integrated payment solution for all modes of transport on a single card. The two organizations
have joined hands with seven private bus operators that run over a 1,000 buses in the city, to facilitate cashless fare
collection & ticketing solutions for the commuters.

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