SBI OTP-based ATM money withdrawal: Here is the way it works
State Bank of India (SBI) clients can avail of the financial institution’s one-time password (OTP) based mostly money withdrawal facility which protects them from unauthorised transactions at ATMs. The OTP is a four-digit quantity that authenticates the consumer for a single transaction.
This facility permits SBI’s clients to withdraw ₹10,000 and above from its ATMs by getting into an OTP despatched on their registered cell quantity, together with their debit card PIN every time. This facility is energetic since 1 January 2020.
“Our OTP based mostly money withdrawal system for transactions at SBI ATMs is vaccination in opposition to fraudsters. Protecting you from fraud will all the time be our topmost precedence,” SBI tweeted.
Here’s how the OTP based mostly money withdrawal system works:
-In order to withdraw money at SBI ATMs, you will have an OTP
-An OTP shall be despatched to your registered cell quantity.
-The OTP is a four-digit quantity that authenticates the consumer for a single transaction.
-Once you enter the quantity that you simply want to withdraw, the ATM display will show the OTP display.
-Now, you’ll have to enter the OTP obtained in your cell quantity registered with the financial institution on this display for getting the money.
In a bid to examine fraud, the Reserve Bank of India (RBI) on Friday determined to allow all banks to introduce cardless money withdrawals by means of ATMs. “It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,” RBI Governor Shaktikanta Das stated whereas saying a bi-monthly financial coverage overview.
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