The State Bank of India (SBI) announced today that it is extending its one-time password (OTP) based cash withdrawal facility for transactions above Rs 10,000 throughout the day across all its ATMs. This will be available from September 18, 2020, the bank stated in a press release.
At present, this extra level of security is available for transactions at SBI ATMs between 8 PM and 8 AM.
According to the press release, this initiative aims at safeguarding customers from frauds and minimising unauthorised transactions, it stated.
The bank has also asked its customer to ensure that their correct mobile numbers are updated in the bank’s records to ensure smooth completion of transactions.
How will the process work?
Once a customer enters the amount they want to withdraw, the ATM screen will ask for the OTP which s/he would have received on her/his registered mobile number.
Remember, OTP-based cash withdrawal facility is available only at SBI ATMs. This functionality at non-SBI ATMs has not been developed in the National Financial Switch (NFS). Usually, withdrawal from another bank ATM is capped at Rs 10,000.
Why this decision was taken
“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”, said the bank.
Recently, the bank started a facility wherein whenever an SBI customer checks his/her bank account balance via an ATM, an SMS will be sent to the customer to inform him/her about such request.