Starting January 1st, 2020, SBI will be introducing a new feature where a user can enter an OTP that is sent to his phone in the ATM to withdraw money.
Customers of country's largest public lender State Bank of India (SBI) will now be able to withdraw cash using a one time password (OTP) to unauthorised transactions at ATMs.
Starting January 1st, 2020, SBI will be introducing a new feature where a user can enter an OTP that is sent to his phone in the ATM to withdraw money. According to a statement from the bank, this feature will be applicable from 8 PM to 8 AM and can be used for transactions exceeding Rs 10,000.
The bank informed about feature through a tweet as well. "Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs," said the tweet.
Here is how the OTP-based cash withdrawal system will work. An OTP will be sent to the customer’s registered mobile number. The OTP is a numeric string of characters that authenticates the user for a single transaction. In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen. The customer has to input/punch the OTP received on his mobile number registered with the Bank in this screen for getting the cash. This will safeguard the customers against the risk of unauthorized transactions on account of skimmed/cloned cards while withdrawing cash at State Bank ATMs.
The statement further adds that the facility will not require any major change in the present process to withdraw cash from State Bank ATMs.
However, this facility will not be applicable for transactions, where a State Bank cardholder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).
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 "SBI customers can now withdraw cash using OTP, here is how to do it. Representational image, PTI")
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