No more plastic card? SBI aims to eliminate debit card to push up YONO | News Cover

News Cover: State Bank of India wants to increase YONO app usage by reducing debit card usage. For that purpose, SBI is seeking to terminate debit card services shortly. Instead of The YONO app should be used. Chairman Rajinish Kumar on Monday informed about the SBI's new plan.

The SBI YONO app was launched about two years ago. State Bank of India has launched a new app to encourage customers to make digital transactions. More than 10 million YONO apps have been downloaded to the Google Play Store. However, most customers still rely on debit cards and cash for transactions. The SBI decided to take a new look. SBI has decided to stop the physical debit card shortly. Instead, SBI will facilitate cash withdrawals and transactions through the YONO app.

Chairman Rajneesh Kumar said, "In the next five years, there will be no need to revolve around plastic cards in pockets. All services will be on smartphones." He said the emphasis would be to stop the use of debit cards and increase the circulation of the YONO app. Customers can withdraw money through YONO app from ATM. State Bank of India wants to emphasize the use of YONO app in making purchases.

Read More: State Bank Will reduce Interest on Loans taken during Festival Times

The SBI has announced a reduction in interest rates on loans before the festive season. Not only that, it is possible to apply for a loan through the YONO App. SBI customers can get a personal loan in just four steps through the app on the phone. SBI announced on Monday that it would also exempt home and car loans if applied through the YONO app.

SBI has already created around 68000 YONO cashpoints. The State Bank of India plans to create about 10 lakhs YONO cashpoints in the next one and a half years.