PNB Restricts Withdraw of Money from non-EMV ATMs

Punjab National Bank (PNB) has decided to restrict its customers from withdrawing money from non-EMV automated teller machines (ATMs) with effect from 01 February 2021, in an attempt to check frauds, related to money transactions. This restriction will apply to both, financial and non-financial transactions. To overcome this, PNB will introduce OTP based systems for withdrawing cash.

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What are non-EMV ATMs?

Non-EMV ATMs are those which reads data through magnetic strips and do not hold the ATM card during the transaction.

Other major decision

• PNB has also decided to replace the old IFSC and MICR codes. This means that the old codes will not work after March 31, 2021.
• Customers will have to get a new code from the bank
• This decision has been taken due to merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India on 1st April 2020.

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