TheNFAPost Podcast
  • Extends OTP based ATM withdrawals to 24×7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
  • Bank urges customers to register or update their mobile numbers
  •  This initiative aims at safeguarding customers from frauds and minimizing unauthorised transactions

Mumbai, NFAPost: With an aimto reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above Rs 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020.

Now, Bank is extending OTP-based cash withdrawal for Rs 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing Rs 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.

Authentication of users

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

SBI MD (Retail & Digital Banking) C S Setty said SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level.

“With the enablement of 24×7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience,” said SBI MD (Retail & Digital Banking) C S Setty.

Term deposit

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on March 31, 2020, the bank has a deposit base of over Rs. 32 lakh crore with CASA ratio of little more than 45% and advances of nearly Rs. 24 lakh crore.

SBI commands nearly 34% market share in home loans and 33% in the auto loans segment. The Bank has the largest network of over 22,000 branches in India with an ATM / ADWM network of over 58,000 and total BC outlets of more than 61,000. The number of customers using internet banking facilities is 73.5 million and mobile banking services stand close to 17 million.

The integrated digital and lifestyle platform by SBI – YONO has crossed the landmark of 51 million downloads. YONO which has 23 million registered users, witnesses 5 million logins per day along with over 4000 daily disbursals of personal loans. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

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