The cases of bank fraud are increasing rapidly in the country. It also includes ATM fraud cases.
SBI has decided to implement the One Time Password (OTP) based ATM withdrawal facility 24×7.
The cases of bank fraud are increasing rapidly in the country. It also includes ATM fraud cases. Now the country’s largest bank, State Bank of India (SBI- State Bank of India) has decided to implement 24 × 7, one-time password (OTP) based ATM withdrawal facility to reduce the unauthorized transactions in ATMs. . This facility will be applicable from September 18 at all SBI ATMs across the country.
Earlier, the bank had introduced OTP based cash withdrawal for 8 thousand rupees from 8 am to 8 am. This was done from 1 January. Now its facility has been expanded.
Will not be a victim of fraud
Now for the amount of 10,000 rupees or more, SBI debit card holders will have to enter the OTP sent to the registered mobile number along with their debit card PIN. The bank said in a statement that with the introdu ction of 24 × 7 OTP based cash withdrawal facility, SBI has further strengthened its security level in ATM cash withdrawal. According to the bank, by implementing this facility throughout the day, SBI debit card holders will avoid falling prey to fraud, unauthenticated withdrawal, card skimming, card cloning etc.
How to get cache from OTP
The process of withdrawing cash from SBI ATM through this facility will not be much different from the existing process. OTP based withdrawal facility will not be applicable to cash withdrawal from SBI card from other bank ATMs. Under the OTP based process, when the cardholder enters the withdrawal amount to the SBI ATM, then the OTP screen will come on the ATM screen.
In this, the customer has to enter the OTP on his registered mobile number.
More than 58,500 ATM / CDM
SBI has around 22,000 branches across India and the ATM / CDM network figure is more than 58,500. 6.6 crore customers of SBI use internet banking, while 1.5 crore customers use mobile banking. As on 30 September 2019, SBI’s deposit base was more than Rs 30 lakh crore. Advances were about Rs 22.5 lakh crore.
