SBI latest updates: India’s largest lender State Bank of India (SBI) has introduced a major change in its ATM withdrawal process with an aim to make banking more convenient for its millions of customers. As part of the change, SBI has brought OTP-based ATM cash withdrawal which will bring n additional factor of authentication to prevent fraud.
It is to be noted that the new feature will protect SBI customers from unauthorised 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,” said SBI in a tweet.
It may be recalled that in 2020, the SBI had introduced the OTP-validated ATM transaction in order to minimise fraudulent transactions.
As part of new change introduced by SBI, the customers will receive OTP on their registered mobile number and cash will be withdrawn from the ATM only after the customer enters the correct OTP required to authenticate the transaction.
It is to be noted that SBI customers will not be able to use this facility on another bank’s ATM. Experts, however, maintain that with the rise in fradulent transactions, other banks could also add an OTP-based verification process for withdrawing cash from ATM.