Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs
KRC TIMES Desk
In order to minimize the number of unauthorized transactions at ATMs India’s largest lender State Bank of India (SBI) from today launched OTP-based ATM withdrawal. This OTP-based cash withdrawal system will be applicable for transactions above ₹ 10,000, between 8 PM to 8 AM and was earlier informed by SBI through a press release.
SBI stated that “Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs”.
With the introduction of its OTP Based Cash Withdrawal Facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer’s mobile number registered with the Bank. The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.
The OTP Based Cash Withdrawal System shall be active across all State Bank ATMs w.e.f. 1st January 2020 between 8 PM to 8 AM. The facility will not require any major change in the present process to withdraw cash from State Bank ATMs.
However, this facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank’s ATM, because this functionality has not been developed in National Financial Switch (NFS).
In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen. The customer has to input / punch the OTP received on his mobile number registered with the Bank in this screen for getting the cash. This will safeguard the customers against the risk of unauthorized transactions on account of skimmed / cloned cards, while withdrawing cash at State Bank ATMs
