In latest occasions, many circumstances of unauthorized transactions on account of skimmed/cloned playing cards have been registered that led to fraud. To minimise the variety of unauthorized transactions occurring through ATMs, the Punjab Nationwide Financial institution (PNB) goes to introduce the OTP-based money withdrawal system. The financial institution will launch OTP Primarily based ATM Withdrawal for transactions system from December 1, 2020.
In response to the financial institution, prospects can now simply withdraw cash above Rs 10,000/- between 8 PM to eight AM. The financial institution on its official Twitter deal with posted a tweet, “Save the dates! PNB 2.0 is launching OTP based mostly money withdrawals from 1st December 2020. Making withdrawals simple, banking simpler.”
Save the dates!
PNB 2.0 is launching OTP based mostly money withdrawals from 1st December 2020.
Making withdrawals simple, banking simpler. pic.twitter.com/EsuXJvSTM3
— Punjab Nationwide Financial institution (@pnbindia) November 26, 2020
With this transfer, the financial institution has added one other layer of safety for money withdrawals. To withdraw money from their PNB accounts, the shoppers will first obtain an OTP on their registered cellular quantity. As soon as the cardholder enters the quantity they want to withdraw, the ATM display shows the OTP display.
Then the client must enter/punch the OTP obtained on his registered cellular quantity on the display for getting the money.
The One-time password (OTP) is a system-generated numeric string of characters that authenticates the person for a single transaction. This course of will shield PNB cardholders from unauthorized ATM money withdrawals.
It’s to be famous that the shoppers will obtain the OTP solely via the cellular quantity that’s registered with the financial institution.
The system is not going to require any main change within the current course of to withdraw money from Punjab Nationwide Financial institution ATMs, but it surely simply provides yet one more step to make the transaction extra protected and safe.