Setting a momentum straight for digital platforms, SBI plans to establish nearly 10 lakh YONO cash points

Mumbai, August 21: Having no plans to discontinue debit cards but increase use of the digital platform, the State Bank of India, the country's largest lender on Wednesday moved up to plan to establish nearly 10 lakh YONO Cash Points in the country over 18 months.

 

 

"The platform is secure and will eliminate the requirement of using debit cards. A customer can make bill payments and can do digital transactions by using the YONO cash feature. We are considering establishing close to 10 lakh YONO Cash Points in 18 months. Nearly 70,000 Cash Points have already been established," said SBI Chairman Rajnish Kumar while addressing the forum here.

 

YONO is a digital banking platform of State Bank of India and customers can use it on their smartphones to withdraw cash, make transactions and payments.

 

Talking about the slowdown in the automobile sector, he said that there were certain trends in the market and they needed to be analysed. "It is an apparent global trend now that people are shifting from vehicle ownership to vehicle rental model due to several reasons like uncertainty of jobs and convenience" he said.

 

"Due to issues in productivity, it sometimes becomes difficult for farmers to repay the loan. The government takes decision for loan waiver but despite the loan waiver, the condition of farmers does not improve, therefore, it should be looked into to ensure that the sector becomes commercially viable and the condition of farmers also improves", he added.

 

The banker meanwhile also highlighted the advantages of YONO app for the agriculture sector. He said that fertilisers, seeds, agriculture tools and equipments could be purchased on reasonable price by using YONO Mandi app.