OTP NEEDED TO WITHDRAW BULK MONEY IN SBI ATM FROM JAN 1 2020; BRIEF REPORT

The State Bank of India (SBI) has announced that it will introduce an OTP based withdrawal system for transactions above INR 10,000  from 1st of January 2020. "With a view to minimize the number of unauthorized transactions happening on ATMs, State Bank of India announced the launch of OTP Based ATM Withdrawal for transactions above ₹ 10,000/- between 8 PM to 8 AM.  With the introduction of its OTP Based Cash Withdrawal Facility, State Bank ATMs have added another layer of security for cash withdrawals," said SBI's official statement

When you insert your SBI card in any SBI ATM and try to withdraw above INR 10, 000, an OTP screen will be displayed on the ATM display. Meanwhile, an OTP will be sent to the registered mobile number which the user needs to enter to proceed further.

The security system is enabled to provide additional night security from 8 PM to 8 AM. Further, the OTP system will be available only at SBI ATMs and not other bank ATMs.