The country's largest public sector bank, the State Bank of India (SBI), has implemented a one-time password-based (OTP-based) cash withdrawal service. In a bid to protect the customers against ATM frauds, a withdrawal of or more than Rs 10,000 will now be possible only by entering the OTP in the ATM.
If the OTP sent to the customer and the OTP entered by the one withdrawing money does not match, the ATM will not dispense any cash. Also, the OTP sent to the accountholder's mobile number will only be valid for one transaction.
The OTP-based withdrawal was launched by SBI originally on January 1, 2020. Several other banks are expected to follow suit.