In order to protect its users from the ATM-related frauds, India’s largest public sector bank, the State Bank of India (SBI) has introduced a one-time password (OTP) based cash withdrawal system. The new system became applicable from January 1 across all SBI ATMs from 8 PM to 8 AM. However, the facility will be available only on the transactions above Rs. 10,000.
SBI cardholders will have to enter an OTP for cash withdrawal from the ATM of SBI bank. After the amount that is to be withdrawn is entered in the ATM by the SBI customer, the next screen will be the one where customers have to enter the OTP. Once the OTP received on the registered mobile number is entered, the cash can be withdrawn from the ATM.