SBI's OTP-based ATM cash withdrawal facility has come into system with effect from today, 1st January 2020. Country's largest lender informed it's customers about the new ATM withdrawal facility through a tweet. In order to protect you from unauthorized transactions at ATMs, we are introducing an OTP based cash withdrawal system. Till now, SBI customers could simply walk into the ATM and withdraw cash just by entering their PIN. More banks are likely to follow suit as fraudlent ATM cash withdrawals are on the rise.

Source: Mint January 01, 2020 01:52 UTC