GUWAHATI: State Bank of India has announced a one-time password system to withdraw cash from its ATMs in an effort to protect its customers from unauthorised transactions.
Taking to twitter SBI said,” 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.”
According to a press release by the bank, the OTP will be received by the SBI cardholder on their registered mobile number at the time of initiating the transaction.
For this process, customer has to enter the amount to be withdrawn after which the ATM screen will display the OTP on the screen. Then input or punch the OTP received on the registered mobile number on this screen in order to receive the cash.
This facility will be available for transactions above Rs 10,000 between 8 pm and 8 am only.
It may be noted that this facility will not be applicable for transactions, where a State Bank cardholder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).