MoneyWorks4Me

SBI to introduce OTP-based ATM cash withdrawal system

27 Dec 2019 Evaluate

State Bank of India (SBI) is going to introduce one time password (OTP) based cash withdrawal system to help protect its customers from unauthorised transactions at ATMs. The OTP-based cash withdrawal system shall be active across all SBI ATMs with effective from January 01, 2020 between 8 pm to 8 am. SBI's OTP-based cash withdrawal facility will be applicable for transactions above Rs 10,000.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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