State Bank of India (SBI) customers can avail of the bank’s one-time password (OTP) based cash withdrawal facility which protects them from unauthorised transactions at ATMs. The OTP is a four-digit number that authenticates the user for a single transaction.
This facility allows SBI’s customers to withdraw ₹10,000 and above from its ATMs by entering an OTP sent on their registered mobile number, along with their debit card PIN each time. This facility is active since 1 January 2020.
“Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from fraud will always be our topmost priority," SBI tweeted.
Here's how the OTP based cash withdrawal system works:
-In order to withdraw cash at SBI ATMs, you will need an OTP
-An OTP will be sent to your registered mobile number.
-The OTP is a four-digit number that authenticates the user for a single transaction.
-Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.
-Now, you will have to enter the OTP received on your mobile number registered with the bank on this screen for getting the cash.
In a bid to check fraud, the Reserve Bank of India (RBI) on Friday decided to permit all banks to introduce cardless cash withdrawals through ATMs. "It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc," RBI Governor Shaktikanta Das said while announcing a bi-monthly monetary policy review.
