Punjab National Bank, India's second-largest government bank, is going to make major changes in the way customer withdraws money from ATMs from 1 December. PNB has taken this action to protect customers from fraudulent ATM transactions. The bank is going to introduce a one-time password-based cash withdrawal system. This new system will start from December 1, 2020. Under this, to withdraw money from an ATM, you have to tell the OTP received on the mobile number registered with the bank. This rule will be applicable to cash transactions of more than 10 thousand rupees. The bank has informed about this by the twitter.
According to PNB's tweet, these rules of Punjab National Bank will be implemented between 8 pm and 8 am from 1 December. This means that PNB customers will need OTP to withdraw an amount of more than 10000 rupees in this time period. It means PNB customers will need OTP to withdraw more than Rs 10,000 in these night hours. Therefore, the customer should take his mobile with him. Let us tell you that United Bank of India and Oriental Bank of Commerce have been merged in PNB, which came into effect from 1 April 2020. Subsequently, the entity that came into existence is named PNB 2.0. The bank's tweet and message clearly states that OTP based cash withdrawal will be applicable only at PNB 2.0 ATM. Meaning OTP based cash withdrawal facility will not be applicable to withdraw money from PNB debit / ATM card from other bank ATM.
How this system will work: 1. The bank will send an OTP to your registered mobile number to withdraw money at the PNB ATM. 2. This OTP will only work on a single transaction. 3. There will be no effect on the existing process of withdrawing cache from this new system. 4. The bank says that this will prevent illegal transactions from fake cards.
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