Tuesday, 15 September 2020

SBI extends OTP-based

SBI extends OTP-based ATM withdrawal 24x7

  • Extends OTP based ATM withdrawals to 24x7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
  • Bank urges customers to register or update their mobile numbers
  •  This initiative aims at safeguarding customers from frauds and minimizing unauthorized transactions

With an aim to reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. Now, Bank is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing ₹ 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24x7 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.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

C S Setty, MD (Retail & Digital Banking), SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

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