At a time when ATM frauds have become common across the whole country, the State Bank Of India (SBI) has come up with a unique solution to protect its ATM card users from falling into the trap. With this move, India’s largest public sector bank aims to minimise such crimes. This is part of the bank’s initiative to introduce safe and convenient features for its customers to take care of their financial needs and to protect them from any such crime.
The new move taken by SBI to inch towards better safety is the introduction of an OTP based cash withdrawal system from the ATMs. Under this, the bank will provide an additional security bracket whereby account holders withdrawing cash from ATMs will receive an OTP on their mobile phones. Only after verifying this will they be able to withdraw their money.
The bank announced the new decision in a post on Twitter on Saturday, October 24. “Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority,” the bank tweeted from its official handle. The post also includes a small video, where the entire process is explained in a simplified way.
How does the new system work?
In 2020, the bank had introduced the OTP-validated ATM transaction system for the same reason. The State Bank of India has moved up a notch this time by introducing the OTP-based cash withdrawal facility. This provides an extra layer of security to customers from getting into the trap of criminals. The OTP will be generated to the customer’s registered mobile number, failing which no one can withdraw the money from the ATM.
I have an account at the State Bank of India. Can I avail this service?
You can only avail this service in a scenario where you are using your SBI card to withdraw money from an SBI ATM itself. If you are using other ATMs, you will not be able to avail this facility. This is because, according to media reports, this system has not been created in the National Financial Switch (NFS).
How to use SBI’s OTP-validated ATM transaction system
To use the State Bank of India’s OTP validated ATM cash transaction facility, you need to follow a few easy steps. While using this, a four digit OTP will be sent to your registered mobile number. This OTP, according to the bank, is a four digit number that authenticates the user for a single transaction. Once you enter the amount of money you want to withdraw on the ATM machine, the screen will automatically display a window where you have to enter the code to get your money.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees, the bank said in a press release.
It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. The bank has auto loan book of Rs 75,937 crore, as on December 31, 2020, the bank has a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA ratio of about 45 per cent, the press release said.
SBI commands over 34 per cent market share in home loans and around 33 per cent in the auto loans segment. The Bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively.
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