Money & Banking

SBI plans 24x7 OTP-based cash withdrawal above ₹10,000

Our Bureau. Mumbai | Updated on September 15, 2020 Published on September 15, 2020

State Bank of India has decided to extend OTP-based cash withdrawal of ₹10,000 and above throughout the day across all its ATMs starting September 18.

India’s largest bank had introduced OTP-based cash withdrawals above ₹10,000 between 8 pm and 8 am through its ATMs from January 1. This was done to reinforce its ATM security system and safeguarding customers

SBI currently has a network of over 58,000 ATM / ADWM (Automated Deposit and Withdrawal Machine).

For withdrawing ₹10,000 and above, SBI debit card holders now have to enter the OTP sent on their registered mobile numbers, along with their debit card PIN each time, the bank said in a statement.

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 OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality at non-SBI ATMs has not been developed in National Financial Switch (NFS),” the bank said.

According to SBI, implementing this facility throughout the day would prevent its debit cardholders from the risk of falling prey to fraudsters, unauthorised withdrawals, card skimming, card cloning and the likes.

CS Setty, MD (Retail and Digital Banking), SBI: “With the enablement of 24x7 OTP-authenticated ATM withdrawals, we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

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Published on September 15, 2020
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