The State Bank of India (SBI) has made changes to its cash withdrawals from ATMs to provide better security for its customers. In this new initiative, SBI will now provide OTPs for cash withdrawal to its customers.
Customers will not be able to withdraw cash without entering the OTP provided by the bank. Basically, at the time of their cash withdrawal, customers will receive an OTP on their registered mobile number and only once they enter that OTP in the ATM machine, will they be able to withdraw cash.
SBI took to Twitter to share this information. The bank tweeted, “Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority. SBI customers should be aware of how the OTP based cash withdrawal system will work.”
This new rule will be applicable for those trying to withdraw an amount of Rs 10,000 and above.
For the unversed, SBI is India’s largest public sector bank with 22,224 branches and 63,906 ATM/CDM with 71,705 BC outlets in India. Approximately, 91 million and 20 million people use Internet Banking and Mobile Banking.
