Bank Negara India (SBI) has emerged with new rules to avoid cheating ATM transactions. Now, SBI customers must enter one time password (OTP) while withdrawing cash at the ATM to complete the transaction.
But this applies to people who attract RS 10,000 or more in one transaction at SBI ATM, as an additional layer of protection against fraud.
SBI was brought to Twitter on December 26, 2019, to announce that this facility will take effect from January 1, 2020, at all SBI ATMs. “Introducing an OTP -based cash withdrawal system to help protect you from invalid transactions at ATMs. This new protection system will be valid from January 1, 2020 at all SBI ATMs,” the largest lender in the country is tweeted.
SBI has created awareness about ATM fraud from time to time through social media and other platforms.
OTP is the number four digits produced by the system, which enters the mobile number registered from the customer and only applies to one transaction.