SBI to implement OTP-based ATM cash withdrawals from January 1 2020

State Bank of India will introduce One Time Password (OTP)-based ATM cash withdrawals. The step has been taken to reduce the occurrences of unauthorised transactions happening at ATMs. SBI will introduce one-time password for every cash withdrawal of Rs 10,000 and above between 8 am and 8 pm. The OTP-based cash withdrawal will be effective from January 1, 2020 across all SBI ATMs. When an SBI cardholder will enter the amount of cash he/she wishes to withdraw, a screen will appear asking for the OTP. The customer will then have to put the OTP that the bank will send to the registered mobile number.

OTP is a system-generated string of numeric characters that allow users to make a single transaction. The facility will not be applicable at other banks’ ATM as this functionality has not been developed in National Financial Switch (NFS).

Important takeaways for all competitive exams:

  • Chairperson of SBI : Rajnish Kumar; Headquarters: Mumbai; Founded: 1 July 1955.

Source: The Economic Times

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