RBI: OTP based transaction mandatory across the country

New Delhi: Reserve Bank of India (Reserve bank of India) has decided to implement OTP-based transaction arrangements at ATMs at different levels. Under the RBI guidelines, several banks, including SBI, Canara Bank, PNB, has now made OTP mandatory on ATM Withdrawal. So whenever you go to withdraw money from ATM, keep a mobile phone with you.
Ashwani Rana, the founder of Voice of Banking, says that there was already a limit for withdrawal of money at ATMs. But due to increasing cases of fraud, banks are increasing the security feature. If someone needs more money, he can plan in advance and can withdraw from the branch.

However, some banks have given this facility to make withdrawals from ATMs in pieces. For example, in the Canara Bank, transactions of less than Rs 10,000 do not require OTP. So, if 20 thousand rupees are needed, then money can be withdrawn three times. Ashwani Rana also suggests that there are many methods like UPI, Net Banking, so withdrawals from ATMs should be reduced.

The country’s largest bank SBI has changed the ATM withdrawal rules across the country since last year. Now any of his customers will take the registered mobile number with him, only then he will be able to withdraw the money. Because, in order to reduce the unauthorized transaction from ATMs, SBI has decided to implement a withdrawal facility from One Time Password (OTP) based ATMs round the clock.