Mumbai: The largest public sector bank in India, State Bank of India (SBI) launched a big change to the ATM withdrawal. The SBI has brought OTP-based ATM cash withdrawal to make the transactions safer and to avoid unauthorized ATM cash withdrawals.
‘Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority’, tweeted SBI.
In the new process, the customers will receive OTP on their mobile number registered with the bank. The ATM will only withdraw cash if the customer enters the correct OTP. This will bring additional security to ATM transactions.
SBI customers would not be able to use the facility on another bank’s ATM. This is because the functionality has not been developed in corporation with the National Financial Switch (NFS) – the largest interoperable ATM network in the country.
Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority.#SBI #StateBankOfIndia #ATM #OTP #SafeWithSBI #TransactSafely #SBIATM #Withdrawal pic.twitter.com/uCbkltrP8T
— State Bank of India (@TheOfficialSBI) October 24, 2021