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In a new innovation under Digital India, State Bank of India or SBI has launched a new card-less cash withdrawal feature for their customers.. The State Bank of India (SBI) and all other Bank Like Axis Bank, ICIC Bank and HDFC Bank has become the first bank in India to allow account holders to withdraw money from ATMs without using an ATM card. 
SBI is offering the cardless ATM cash withdrawal service through its internet banking app called YONO. Here is everything you need to know about the service and how to use it.

 Card Less ATMs - Who to withdrawal and deposit cash from ATMs without card

Card Less ATMs - Who to withdrawal and deposit cash from ATMs without card
Card Less ATMs - Who to withdrawal and deposit cash from ATMs without card

SBI Customers Can Now Withdraw Cash From ATM Without Any Debit Card: This Is How It Works!

1. The State Bank of India (SBI) Withdraw money from ATMs without using an ATM card

. You will need to activate internet banking on your SBI account first and the account should have a registered phone number

. To use the cardless ATM service, SBI account holders will have to download the “Yono SBI” (SBI YONO Cash works without any debit card) mobile app on their Android smartphone or iPhone

. “Yono SBI” (YONO Cash: Card-less ATM Withdrawal) Donload Google Pleay Store Here..
. Install YONO App on your Android or iPhone

. After Installing the Yono SBI app, Visit the nearest SBI ATM or YONO Cash points, and use that PIN to withdraw the case you want.

. Now you will need to login with your internet banking details on “Yono SBI

. To withdraw cash from ATM, you will have to open the Yono SBI app and request for cash withdrawal

. On requesting cash withdrawal, you will get 6-digit code for registering the cash withdrawal request on the ATM

. You will need the 6-digit code before entering the ATM. On the ATM machine you will have to put this code to withdraw cash

Terms and Conditions : The State Bank of India (SBI) Withdraw money from ATMs without using an ATM card
. Note that the 6-digit cash withdrawal code is valid for 30 minutes only

. This service is only available in SBI ATMs and Yono cash points. This service will not work in ATMs of any other banks

. You will get a cash withdrawal alert SMS on your registered mobile number

. The Yono cash withdrawal facility is available across 16,500 SBI ATMs across India

. Only two withdrawals in a day is allowed using the Yono SBI app

. SBI account holders can withdraw up to Rs 10,000 per transactions from the ATM

. The cardless ATM cash withdrawal service prevents frauds arising due to theft or loss of ATM cards

. SBI says that this cardless Yono ATM cash withdrawal service will also prevent account holders from ATM card skimming or cloning frauds

Advantages of YONO Cash (SBI Bank)
. Cases of ATM Skimming is on the rise, wherein fraudsters clone and steal your debit card details, and then withdraw cash from your account.

. YONO Cash will help to solve this issue, as SBI customers are no longer required to take their debit cards to the ATM for cash withdrawal.

. SBI Chairman Rajnish Kumar said, “YONO Cash will also address the concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature is designed to help users withdraw cash without a physical debit card.”

Cash Withdrawal Without Debit Cards: The New Trend?
. Before SBI, a company named AGS Transact Technologies had introduced a unique, and innovative cash withdrawal mechanism without using any debit card.

. This new method uses UPI 2.0 features to enable cash withdrawal.

. Using a mobile app, the user is required to scan a QR code inside the ATM, after which, the required cash can be withdrawn, without using any debit card.

. Now, as SBI has unleashed this new feature of card-less cash withdrawal, we can expect other banks to follow suit.

We will keep you updated, as we receive more details.

19:11 , ,
How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online –  State Bank of India, headquarter of which is located in Mumbai, Maharashtra is the largest banking & financial service company in the nation, which is short is well known as SBI. And, today on MsnTarGet.CoM / Soas.in / Fun2ind.CoM  we’ll be given tips, tricks and step by step guide on How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online for over 10.52 million total registered user base of State Bank of India.

How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online

How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online
How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online

Keeping the details available on the official website of State Bank of India in mind, there are major two methods to Generate the ATM PIN. First is to Login to your SBI Card online account and the Second one is to Call SBI Card helpline number 1860 180 1290.

Log in to generate PIN for your SBI Credit Card

  • First of all, you will have to Login to your State Bank of India card online account at the official website of the same that is www.sbicard.com.
  • Now check on the left hand side (if on laptop or desktop) or in front (if on mobile phone website version) there must be My Account in the menu. There, please make sure to select “Manage PIN.”
  • rom the drop down menu, select the credit card, you want to generate the PIN for.
  • Next, within a minute or so, One Time Password or OTP will be sent to you by SMS (Short Message Service) on the registered mobile number.
  • Next part is to enter the One Time Password as available in the SMS either it must be 6 digit alpha numeric code or 4 digit numeric code.
  • Further, you may enter your ATM PIN that you’re willing to set. Moreover, you can click on the Submit button and your PIN will be generated.
For a person, who doesn’t feel comfortable with the online PIN generation methods given above, may surely check out the next easy steps regarding How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online.

Call to generate PIN for your SBI Credit Card

  • First of all, open dialer in your phone and Call 39 02 02 02 (prefix local STD code) or 1860 180 1290. As soon as you’re told the options to choose from, make sure to go with the sixth option.
  • Next, the computerized voice will ask you for personal information. Make sure while entering the details no one is observing you directly or indirectly (by CCTV etc.). Now, Key in your card details and date of birth.
  • Again the step of the OTP will be repeated i.e. Next, within a minute or so, One Time Password or OTP will be sent to you by SMS (Short Message Service) on the registered mobile number. Next part is to enter the One Time Password as available in the SMS either it must be 6 digit alpha numeric code or 4 digit numeric code.
  • Further, after authenticating with One Time Password (OTP) sent on your registered email ID or mobile number, make sure to set your SBI Card PIN.
When standing in front of ATM Machine, it is also quite easy to reset, set new or generate old or new or change the ATM PIN for State Bank of India Credit Card or Debit Card. All you need to do is to go through the options available in the ATM screen.

Concluding this in-depth guide on State Bank of India PIN generating with the hope that all your related queries such as – How can I generate SBI ATM PIN by SMS? SBI ATM PIN Forgot? SBI PIN Generation Online, How to activate SBI Debit Card, SBI ATM PIN Not Received, How to Generate SBI ATM PIN at ATM, How to activate SBI Debit Card by SMS, How to change SBI ATM PIN through net banking etc. are now cleared.

State Bank of India, the largest financial institution in the nation also remains in the headlines for the topics such as Minimum Balance Rules of Top Banks Explained here, Recurring Deposit Interest Rates: Here’s what top lenders pay, ATM charges levied by top banks for transactions and other services AND SBI Customers? Your bank offers 6.80% interest on deposits in this account, all you need is Rs 100; senior citizens benefit most AND SBI ATM rules: Unlimited withdrawals, transaction limits, charges and other details in 10 points.

If you are having any question regarding How to Generate SBI ATM Pin Through SMS/Netbanking/ATM Online, please make sure to let us know below using the comment box. Also, don’t forget to go through other interesting reads of State Bank of India, One day limit, Maximum cash withdraw limit, ATM Password/ PIN Change online etc.

Tokenisation has become one of the preferred methods of card payments in Western countries. Now, it comes to India.
The economy grew at a 7.2% rate, but RBI estimated a growth of 7.4%. msnTarGet.com

Indian Economy Is World’s Fastest Growing; Again Beats China In Annual Growth At 7.2%

Indian Economy Is World’s Fastest Growing - Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’
Indian Economy Is World’s Fastest Growing - Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’
India has reached new levels today in the economy field, and this is something to be very proud of! Indian economy has bagged the title of ‘Fastest Growing Economy’ and this is not the first time – although it is a tad bit lower than what RBI suggested. soas.in

RBI estimated growth in the current economy of about 7.4% in the current fiscal year that ends in March (2018-19), but the economy grew at a 7.2% which is also worth appreciation. 6.75% growth was recorded in last year, 2017-18. mobask.com

Private Consumption and Indian Economy

S .C. Garg, the secretary of economic affairs praised the growth of the Indian economy, saying that it is a very advance GDP growth numbers for 2018-19. He also remarked that India remains the fastest growing major economy globally. Fun2Ind.com

The chief economist at rating agency Crisil D.K. Joshi said that improvement in private consumption and a stable election outcome will play an important role in sustaining the upswing in overall investments. He also said, “Private consumption was a sore spot with its growth slipping a new to 6.4% from 6.6% as farm incomes and rural wage growth remained weak. The real agriculture GDP growth was strong at 3.8% from 4.5% suggesting farmers are realizing less from their produce.” msnTarGet.com

Reports in Detail

As per reports, the manufacturing sector is estimated to grow by 8.3% in 2018-19, which is more as compared to last year’s 5.7% while farm sector will grow by 3.8% as compared to last year’s 3.4%. Construction field is set to grow at 8.9% compared to last year’s 5.7%. Financial, real estate and insurance segment was at 6.6% and is expected to grow up to 6.8% this year. MobAsk.com

As per D.K. Joshi, the service sectors, which contributed to a large part of India’s growth, have been giving poorer results since several quarters in the past, which is a cause of worry.

On the other hand, growth in government final expenditure is estimated to be at 9.2% compared to 10.9% of last year. “Pick-up in investment is largely government spending from outside the budgeted expenditure, likely from PSU’s and state governments. Private investment has to substitute for this investment for the run-up to be sustainable.” soas.in

Conclusively, economic growth of China is expected to be slower than usual and India will again be the fastest growing major economy globally. Fun2Ind.com

Debit/Credit Card Frauds Will Be Stopped Using ‘Tokens’; RBI Allows ‘Tokenisation’ Of Card Payments

In a major innovation related to card payments, which includes both debit and credit cards, Reserve Bank of India has allowed ‘Tokenisation’ of card payments. soas.in

How will it stop frauds? And how does this work?

Keep reading to find out more!

‘Tokenisation’ of Card Payments: The Need

Generally, consumers save their debit or credit card details with any service provider,  to make payments smooth, and easy. Often, this is a mandatory requirement as well. MobAsk.com

For instance, say Paytm, Amazon or Flipkart. Users save their cards details with these service providers for future payments, and the payment is often done with a PIN or password or sometimes just the CVV number. MsnTarGet.com

However, in case any such service provider/website/app gets hacked, then users’ card details can be compromised, and data stolen.

To avoid this scenario, RBI has now allowed ‘Tokenisation’ of card payments, which will avoid such frauds/data theft.

‘Tokenisation’ Of Card Payments: How Does This Work?

‘Tokenisation’ works on the principle of a virtual card, which is also called tokens here. Fun2Ind.com

In this system, instead of saving the actual card details: name, card numbers, expiry date etc, the user will be able to generate a unique ‘token’ or a virtual card for a specific service.

Whenever the consumer is required to make a payment, they can use the token, and an additional authentication PIN to finalize the payment. MsnTarGet.com

Now, this unique token will have three aspects:

  • Card details
  • The token requester (for example Amazon, Flipkart, Paytm) and
  • Identified device (example being your mobile phone or tablet/laptop)
Each such tokens would be unique for a service, and the same token cannot be used elsewhere, which provides better security.

Risks Reduced In Card Payments

Such tokens mask the actual debit/credit card details and help the consumer to protect them. Such unique tokens can be applied to:
  • Contactless transactions (Near Field Communication/Magnetic Secure Transmission based transactions)
  • In-app payments
  • QR code-based payments and more.
Moreover, the end user can also limit the amount of money transacted in every token, specific to that service. soas.in

However, the only drawback is that the card issuer and the service provider will be required to appoint a third party to implement this tokenisation system. Having said that, the card issuing company will have the responsibility to ensure safety and security of this whole process. Mobask.com

RBI is expected to issue more guidelines and regulations for this new concept of card payments, which has become quite popular in Western countries.

We will keep you updated, as more details come in.

SoAs.in

Satish Kumar

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