SBI is setting up a system that will not require you to carry your debit card for cash withdrawal. It plans to have a million YONO cash points in place by the next 18 months, catering to petty cash requirements of the customers.
The bank already has 68,000 such cash points which have micro ATMs or accept payments digitally. These cash point will also offer limited merchandise on credit to the customers.
India has over 90-crore debit cards and 3-crore credit cards and these digital payment solutions are aimed to eliminate the need of plastic currencies.