From 18th September the country’s largest public-sector lender SBI will make an OTP-based cash withdrawal facility operational round the clock at its ATMs for transactions of Rs 10,000 and above.
In this year January, the SBI had introduced OTP-based cash withdrawals for above Rs 10,000 between 8 PM to 8 AM via all SBI ATMs.
The bank’s managing director (retail and digital banking) C S Setty said that “With the enablement of 24×7 OTP authenticated ATM withdrawals, we believe SBI customers will have a secured and risk-free cash withdrawal experience.”
The lender has urged all its customers to register or update their mobile numbers.
The bank said that “The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS).”
Once customers enter the withdrawal amount, then the ATM screen will ask for OTP where customers would be required to enter the same received on their registered mobile number.
The State Bank of India has the largest network of over 22,000 branches in India with an ATM, and automatic deposit cum withdrawal machine (ADWM) network of over 58,000.