SBI Makes it Compulsory for Customers to Carry Registered Mobile to Withdraw over Rs 10,000 Using ATM

SBI Makes it Compulsory for Customers to Carry Registered Mobile to Withdraw over Rs 10,000 Using ATM

Rs 10,000 Rs 10,000

Guwahati, December 30, 2019:

State Bank of India (SBI) has announced that the customers will be able to withdraw above Rs 10,000 using the ATM card only after an OTP verification from 8 pm to 8 am from January 2020.

The announcement came through a tweet on the official Twitter handle of the SBi that said, “In order to protect you from unauthorized transactions at ATMs, we are introducing an OTP based cash withdrawal system. This new safeguard system will be applicable from 1st Jan 2020 across all SBI ATMs from 8 PM to 8 AM.”

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This additional authentication factor has been applied to protect State Bank cardholders from unauthorized ATM cash withdrawals. The new feature will not require any major change in the present process to withdraw cash from its ATMs (automated teller machines), it said.

However, the facility will not be applicable for transactions through another bank's ATM as the functionality has not been developed in the National Financial Switch (NFS).

In this process, the cardholder enters the amount they wish to withdraw above Rs 10,000, the ATM screen displays the OTP window. The customer has to enter the OTP received on the registered mobile number to complete the transaction.

NFS is the largest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions.

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