In recent times, many cases of unauthorized transactions on account of skimmed/cloned cards were registered that led to fraud. To minimise the number of unauthorized transactions happening via ATMs, the Punjab National Bank (PNB) is going to introduce the OTP-based cash withdrawal system. The bank will launch OTP Based ATM Withdrawal for transactions system from December 1, 2020.
According to the bank, customers can now easily withdraw money above Rs 10,000/- between 8 PM to 8 AM. The bank on its official Twitter handle posted a tweet, “Save the dates! PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier.”
Save the dates!
PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020.
Making withdrawals easy, banking easier. pic.twitter.com/EsuXJvSTM3
— Punjab National Bank (@pnbindia) November 26, 2020
It is to be noted that the customers will receive the OTP only through the mobile number that is registered with the bank.
The system will not require any major change in the present process to withdraw cash from Punjab National Bank ATMs, but it just adds one more step to make the transaction more safe and secure.