To ensure the safety of its customers when they withdraw money from an automated teller machine (ATM), the largest lender of the country, State Bank of India (SBI), has launched one-time password (OTP)-Based ATM withdrawals above Rs 10,000. The bank is introducing the OTP-based cash withdrawal system across all SBI ATMs with effect from 1 January 2020, which would be functional between 8 PM and 8 AM.
• OTP-based ATM withdrawals above Rs 10,000 with effect from 1 January 2020
• Service to be functional between 8 PM and 8 AM at all ATMs of the bank
• OTP-based ATM withdrawals to safeguard customers from frauds and minimise unauthorised transactions
• The bank urges customers to register or update their mobile numbers in the bank records
A customer at an SBI ATM will have to put the OTP sent to his/her mobile number registered with the bank, along with debit card PIN, while withdrawing cash above Rs 10,000. With this facility, the bank has added another layer of safety and security in all its ATMs to minimise the number of unauthorised ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit card users from the risk of skimming, card cloning, etc.
The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. However, this facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in the National Financial Switch (NFS).
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on 30 September 2019, the bank has a deposit base of over Rs 30 lakh crore with CASA ratio of little more than 45% and advances of nearly Rs 22.5 lakh crore.
The bank commands 25% market share each in home loans and auto loans. The bank has the largest network of nearly 22,000 branches in India with an ATM or Automated Deposit Cum Withdrawal Machine (ADWM) network of over 58,500.
The number of customers using internet banking facility is 66 million and mobile banking services stand more than 15 million. Downloads for YONO, an integrated digital and lifestyle platform by SBI, are over 28 million, with more than 4 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest.
The bank tops the list of followers on Facebook and YouTube across all banks worldwide.