Country's largest lender State Bank of India (SBI) will implement a one-time password (OTP) cash withdrawal program to help protect its clients from unauthorized ATM transactions.
The cash withdrawal system based on OTP will be active across all SBI ATMs from 8 p.m. to 8 a.m. effective 1 January 2020. "Introduce the cash withdrawal system based on OTP to help protect you from unauthorized ATM transactions. This new security system will apply to all SBI ATMs from 1 January 2020, "tweeted SBI.
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The OTP-based cash withdrawal facility of SBI may apply to transactions in excess of ₹10,000.
Here's everything you need to know about SBI's cash withdrawal facility based on OTP
OTP will be issued on the bank's registered mobile number of the customer.
To withdraw cash from SBI ATMs, the facility will not need any significant change in the current procedure.
Nevertheless, this facility will not be applicable to transactions from the ATM of another bank because the National Financial Switch (NFS) has not established this capability.
Nevertheless, this facility will not be applicable to transactions from the ATM of another bank because the National Financial Switch (NFS) has not established this capability.
In order to receive the cash, SBI customers will need to input / punch the received OTP on their mobile number registered with the bank on this computer.
SBI ATMs have added another layer of protection for cash withdrawals with the launch of its OTP-based cash withdrawal facility, which will shield SBI cardholders from unauthorized ATM cash withdrawals.
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