India's largest public sector bank, the State Bank of India (SBI) has started a new service for its customers. SBI customers can now avail one-time password (OTP) based cash withdrawal facility which protects them from unauthorised transactions at ATMs. The OTP is a four-digit number that authenticates the user for a single transaction.
India's largest public sector bank, the State Bank of India (SBI) has started a new service for its customers. SBI customers can now avail one-time password (OTP) based cash withdrawal facility which protects them from unauthorised transactions at ATMs. The OTP is a four-digit number that authenticates the user for a single transaction.
Reserve Bank of India (RBI) Governor Shaktikanta Das had earlier proposed cardless transactions for all ATMs using the UPI network in order to reduce financial fraud. "It is now suggested to use UPI to enable cardless cash withdrawals across all banks and ATM networks," Shaktikanta Das said last week.
Read | SBI customers alert! Avoid unauthorised ATM transactions with OTP-based cash withdrawal, here's how
Users can use the bank's OTP-based cash withdrawal service to stay safe. SBI has made this facility functional since January 1, 2020. This facility has been allowing SBI customers to withdraw Rs 10,000 and above from its ATMs by entering an OTP sent on their registered mobile number, along with their debit card PIN each time.
At present, the facility of card-less withdrawal through ATMs is limited only to a few banks but the RBI is planning to extend the facility to all banks and ATM networks using UPI.
Step-by-step guide
1. A one-time password (OTP) is required to withdraw cash from an SBI ATM.
2. Your registered mobile number will receive a four-digit OTP that verifies a user's identity for a single transaction.
3. The OTP screen will appear after you have entered the amount you desire to withdraw on the ATM screen.
4. To receive the cash, you must now enter the OTP received on your bank-registered mobile number on this screen.
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