In the COVID-19 crisis, bank fraud cases have increased. Even after the stringent rules of the Reserve Bank of India, banks are manipulated. Fraudsters find some way to loot ordinary people. In view of the rising crime cases, India's largest government bank, State Bank of India, has given relief to its customers. State Bank of India has launched a new ATM service to provide safe banking.
SBI has decided to implement a one-time password (OTP) based ATM cash withdrawal system. From 18th September, this rule is coming into force in the entire country. At present, the facility is available from 8 am to 8 pm. OTP will be sent to the registered mobile number given to the bank, through which the money will be withdrawn. The OTP will also be required during the day when the amount of Rs. 10,000 or more from SBI ATMs is withdrawn from September 18.
From January 2020, the State Bank of India had required OTP for money withdrawal from ATMs. SBI has said that customers should update their mobile number in the bank. Under the same process, when you are withdrawing the amount, the OTP will also appear on the ATM screen along with the amount. OTP will be sent to the customer on their registered mobile number. This will reduce the chances of counterfeiting. OTP cash withdrawal facility is available only at SBI ATM. These facilities have been made to prevent frauds.
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