SBI Bank Customers Alert: To protect customers from unauthorized transactions at ATMs, the State Bank of India (SBI) has issued a warning to its customers and asked them to avail the bank’s one-time password (OTP)-based cash withdrawal facility. While doing the ATM transactions, the bank sends them a one-time password (OPT) to a person’s registered mobile number who is withdrawing Rs 10,000 or more from the ATMs. Users can use the bank’s OTP-based cash withdrawal service to stay safe at the ATM counters.
Notably, SBI has made this OTP-based cash withdrawal facility functional since January 1, 2020. “Our OTP-based cash withdrawal system for SBI ATM transactions is a fraud-prevention vaccine. Our first aim will always be to keep you safe from fraud,” SBI tweeted.
Here’s how to use SBI’s OTP-based cash withdrawal facility
- An OTP is required to withdraw cash from an SBI ATM.
- Your registered mobile number will receive an OTP.
- A one-time password (OTP) is a four-digit number that verifies a user’s identity for a single transaction.
- The OTP screen will appear after you have entered the amount you desire to withdraw on the ATM screen.
- To receive the cash, you must now enter the OTP received on your bank-registered mobile number on this screen.
In the meantime, Reserve Bank of India (RBI) Governor Shaktikanta Das has 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,” Das had said last week.
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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.
