State Bank of India SBI on Friday introduced OTP-based Cash Withdrawal system. To help SBI ATM Card holders and protect them from unauthorized transactions at ATMs brought OPT based system. SBI OTP Cash withdrawal system will be applicable from 1st Jan, 2020 across all SBI ATMs. Via this system ATM Card holders can withdraw More than 10,000 cash. As per SBI official tweet keeping new view to minimize the number of unauthorized transactions SBI India announced OTP Based ATM Cash withdrawal and this is really a Good News for ATM Holders.
To refuse unauthorized transactions in ATMs of State Bank of India, Committee decided to launch OTP based ATM Withdrawal for transactions above ₹ 10,000/- between 8 PM to 8 AM. The OTP Based Cash Withdrawal system to be implemented from 1st January 2020 said SBI.
To add another security cover and a new feature for SBI ATM Card users OTP Based Cash Withdrawal system is introduced by State Bank ATM. Bank to secure cash withdrawals will send OTP on the customer’s mobile number registered with the Bank. The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single SBI Bank ATM Cash transaction.
To safeguard the customers against risk of unauthorized transactions through cloned cards and skimming accounts while withdrawing cash SBI ATMs Bank added this security cover. This System shall be active across all State Bank of India SBI ATMs from 01st January 2020 and will work between 8 PM to 8 AM.
No Risk/ No Major Change-
The OTP based Cash Transaction System (OBCTS) will not require any major change in present process to withdraw cash from ATMs of SBI.
How OTP Based System Will Work?
In process once a cardholder enters the amount he/she wish to withdraw, the ATM screen displays the OTP screen. The customer has to input / punch the OTP received on his mobile number registered with the Bank on screen for getting the cash.
Note- This facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).