SBI is planning to get rid of the debit cards and focusing more on using digital banking or net banking in the future. SBI has its own net banking app named as YONO app and wanted to promote it as much as possible.
Actually, SBI wants to reduce the usage of plastic debit cards for withdrawing money from ATMs. SBI wants its customers to use YONO service for withdrawing cash in the future.
The State Bank of India has penned down the plans to get rid of the plastic debit cards in the future to withdraw cash out of ATMs. This phase could happen out within the next five years. Soon the debit cards could be the history.
SBI thinks that digital is a new way forward and SBI customers will soon rely mostly on the YONO app to withdraw cash out of an ATM. The latest technology is already here but SBI wants more and more customers to use the service.
According to the reports, Chairman of SBI Rajnish Kumar at the annual Fibac said that it is our wish to eliminate the debit cards, and I am sure we can eliminate them. SBI’s idea is to reduce the reliance on decades-old technology and instead rely more on modern-era technologies.
As we all know that digital-based transactions becoming more popular every day, and using it to withdraw cash from the ATM could make for more convenient banking services.