172@29@17@241!~!172@29@0@53!~!|news|business|sbi-otp-based-atm-withdrawal-will-be-available-24x7-from-september-18-5843531.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
you are here: HomeNewsBusiness
Last Updated : Sep 15, 2020 04:49 PM IST | Source: Moneycontrol.com

SBI OTP-based ATM withdrawal will be available 24x7 from September 18

With an aim to reinforce its ATM security system and safeguarding customers, the country’s largest lender, SBI had introduced OTP-based cash withdrawals of above Rs 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

State Bank of India (SBI) on September 15 said it is extending OTP-based cash withdrawal for Rs 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time, the bank said.

With an aim to reinforce its ATM security system and safeguarding customers, the country’s largest lender, SBI had introduced OTP based cash withdrawals of above Rs 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020.

“With the introduction of a 24x7 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.

Close
The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number, the bank said.
First Published on Sep 15, 2020 04:46 pm
Sections