Mumbai: The State Bank of India (SBI) introduced an OTP-based cash withdrawal facility for Rs 10,000 and above from Friday across all its ATMs in the country.
The move will help in reducing fraudulent transactions, SBI said.
On September 15, the bank took to its official Twitter handle to announce, “Your transactions at SBI ATMs are now more secure than ever.”
Your transactions at SBI ATMs are now more secure than ever.
SBI extends OTP based cash withdrawal facility to 24×7 for amount ₹10,000 and above from 18.09.2020.#SafeTransaction #SBIATM #ATMTransaction #OTP #ATM pic.twitter.com/4rHo7jEXBh
— State Bank of India (@TheOfficialSBI) September 15, 2020
As per the new rule, for withdrawing Rs 10,000 and above, SBI debit cardholders will have to enter the OTP sent on their registered mobile numbers along with their debit card PIN each time.
“With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes,” the bank said in a statement, reported Money Control.
The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.