State Bank of India (SBI) recently announced that it will be introducing a one-time password (OTP) based cash withdrawal system. The objective behind it is to help protect its customers from unauthorised transactions at ATMs.
According to the bank notification, the OTP-based cash withdrawal system will be active across all SBI ATMs from January 1, 2020, and it will be active between 8 pm to 8 am. The bank tweeted about the development saying, “Introducing the OTP-based cash withdrawal system to help protect you from unauthorised transactions at ATMs. This new safeguard system will be applicable from 1st January 2020 across all SBI ATMs”.
It may be noted that the SBI’s OTP-based cash withdrawal facility will be applicable for transactions above Rs 10,000. SBI has urged its customers to register or update their mobile numbers to ensure that they receive the OTP and are able to withdraw cash hassle-free.
Here is all you need to know about the new cash withdrawal facility:
1. OTP will be received on the customer’s mobile number registered with the bank.
2. The facility will not require any major change in the present process to withdraw cash from SBI ATMs.
3. This facility will not be applicable for transactions from another bank’s ATM, because this functionality has not been developed in National Financial Switch (NFS).
4. Once the cardholder enters the amount they wish to withdraw, the ATM screen will display the OTP screen.
5. Customers will have to enter the OTP received on their registered mobile number registered for getting the cash…Read more>>