Through OTP, SBI customers will be able to withdraw amount of Rs 10,000 and above from ATM. Keep in mind that not only OTP has to be entered in the ATM but also the PIN of the debit card has to be entered along with it.
State Bank of India (SBI) has introduced a new technology to protect customers from fraud. This technology will be used to withdraw money from ATMs. This new technology is associated with One Time Password ie ATM. If the customer’s mobile number is registered in SBI, then OTP will come on the same number, after entering which money can be withdrawn from ATM. OTP is a 4 digit number which is used to verify the user and for a transaction. OTP will help in protecting against fraud because OTP will come on the registered mobile number, with the help of which money can be withdrawn.
Through OTP, SBI customers will be able to withdraw amount of Rs 10,000 and above from ATM. Keep in mind that not only OTP has to be entered in the ATM but also the PIN of the debit card has to be entered along with it. This service has been implemented in SBI ATMs from January 1, 2020. SBI has described this service as a vaccination against fraudsters. SBI said that protecting customers from fraud is its priority. Let us know how OTP based system works.
You will need an OTP to withdraw money from SBI ATM.
- OTP will be sent to your registered mobile number.
- OTP is a four digit number from which the customer is verified and is valid for a single transaction.
- As soon as you enter the amount to be withdrawn in SBI ATM, the same OTP screen appears.
- After this you have to enter the OTP on the ATM screen. After that you will get the money.
RBI’s initiative to check theft
To prevent frauds, the Reserve Bank of India (RBI) decided to allow all banks to introduce cardless cash withdrawals through ATMs. With this, preparations have started to provide cardless cash withdrawal facility in all banks and ATM networks using UPI. Not all banks have been able to start this transaction right now, but in the coming times, the use of this technology will also be seen indiscriminately.