Considering the rise on ATM-related frauds, State Bank of India (SBI) has introduced a one-time password (OTP)-based cash withdrawal system for its ATMs.
SBI's OTP-based ATM cash withdrawal came into effect on January 1, 2020.
SBI said that this facility would be available for transactions above Rs 10,000 between 8 pm and 8 am.
Through this process, once the cardholder enters the withdrawal amount, the ATM screen displays the OTP screen. SBI customers need to enter the OTP received on the mobile number registered with the bank in this screen for getting the cash.