SBI to launch OTP-based ATM cash withdrawal from January 1
Posted On : Friday, December 27, 2019, 6:38 PM
With ATM-related frauds on the rise, banks are introducing ways to protect their customers from tricksters. The country's largest public-sector lender, the State Bank of India (SBI), via a tweet on December 26, said that it will introduce a one-time password (OTP)-based cash withdrawal system for its ATMs. The bank said that this facility will be available for transactions above Rs 10,000 between 8 pm and 8 am. According to the tweet, this facility will be applicable from January 1, 2020, across all SBI ATMs. In the process of making cash withdrawals, once the SBI cardholder enters the amount he/she wish to withdraw, the ATM screen will display the OTP screen. The SBI cardholder has to enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash.