Mumbai: To improve security, the country’s biggest lender State Bank of India (SBI) has announced time extension for One-Time-Password (OTP)-based cash withdrawal from ATMs.
Earlier, customers needed to enter the OTPs received on their phone every time they withdrew cash above Rs 10,000. Now, they can withdraw cash throughout the day using one verified OTP.
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The OTP system was introduced as an added layer of security to limit the number of unauthorised transactions.
The facility is, however, not applicable for transactions from other bank ATMs.
