- State Bank of Indiawill introduce One Time Password (OTP)-based ATM cash withdrawals. The step has been taken to reduce the occurrences of unauthorised transactions happening at ATMs. SBI will introduce one-time password for every cash withdrawal of Rs 10,000 and above between 8 am and 8 pm.
- The OTP-based cash withdrawal will be effectivefrom January 1, 2020 across all SBI ATMs. When an SBI cardholder will enter the amount of cash he/she wishes to withdraw, a screen will appear asking for the OTP.
- The customer will then have to put the OTP that the bank will send to the registered mobile number. OTP is a system-generated string of numeric characters that allow users to make a single transaction.
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