SBI to introduce OTP system for withdrawal of cash from ATMs from January 1st, 2020
Mumbai, December 28, 2019 : Country’s one of the largest Bank, State Bank of India is all set to introduce new procedure of withdrawal of cash from its ATMs from January 1, 2020.
This will be a OTB base cash withdrawal system which will be implemented in all its ATMs from 8.00 pm to 8.00 am. Motive of introducing this feature is to safeguard system and protect customers from unauthorized transactions at ATMs. But this feature will be available only for SBI customers, all other Bank customers using their ATM cards on ATMs of SBI will not avail this facility which will be available only for transactions above Rs. 10 thousand at one go.
According to details of the scheme, once the cardholder enters the amount they wish to withdraw, the ATM screen will display the OTP screen and the customer will have to input / punch the OTP received on his mobile number registered with the bank in this screen for getting the cash.