India’s largest bank, State Bank of India (SBI) has just announced the launch of OTP-based ATM withdrawal facility. The idea is to minimize the chances of unauthorized withdrawal transactions taking place in ATMs across India. The OTP-based cash withdrawal system will be available across SBI ATMs from January 1, 2020 but only between 8 pm and 8 am. In addition, this OTP-based cash withdrawal system will only be applicable for transactions above Rs.10,000.

The introduction of this OTP-based cash withdrawal facility us all about adding another layer of security for cash withdrawals. SBI has seen a lot many frauds last year. This will protect account holders from unauthorized transactions at ATMs. This will be an additional security over and above the PIN number.