TIL Desk/Business/New Delhi/ Public sector state-run State Bank of India (SBI) will launch an one-time password (OTP)-based ATM cash withdrawal facility from January 1, 2020, as an overnight service (8 p.m.-8 a.m.) which signifies that while withdrawing cash, the customer will receive an OTP on the mobile number registered with the bank.
The OTP-based withdrawal is applicable only to withdrawals from SBI ATMs. “With a view to minimize the number of unauthorized transactions happening on ATMs, State Bank of India announced the launch of OTP Based ATM Withdrawal for transactions above 10,000/- between 8 P.M. to 8 A.M.,” it said.
“With the introduction of its OTP-based Cash Withdrawal Facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer”s mobile number registered with the Bank.”
“The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals”, the bank said in a Facebook post.
