Important news for PNB clients! Bank introduces OTP-based cash withdrawal system. Get details
In current occasions, many instances 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 by way of ATMs, the Punjab National Bank (PNB) goes to introduce the OTP-based cash withdrawal system. The financial institution will launch OTP Based ATM Withdrawal for transactions system from December 1, 2020.
According to the financial institution, clients 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 cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier.”
Save the dates!
PNB 2.0 is launching OTP primarily based cash withdrawals from 1st December 2020.
Making withdrawals straightforward, banking simpler. pic.twitter.com/EsuXJvSTM3
— Punjab National Bank (@pnbindia) November 26, 2020
With this transfer, the financial institution has added one other layer of safety for cash withdrawals. To withdraw cash from their PNB accounts, the shoppers will first obtain an OTP on their registered cellular quantity. Once the cardholder enters the quantity they want to withdraw, the ATM display shows the OTP display.
Then the shopper should enter/punch the OTP acquired on his registered cellular quantity on the display for getting the cash.
The One-time password (OTP) is a system-generated numeric string of characters that authenticates the consumer for a single transaction. This course of will shield PNB cardholders from unauthorized ATM cash withdrawals.
It is to be famous that the shoppers will obtain the OTP solely by the cellular quantity that’s registered with the financial institution.
The system won’t require any main change within the current course of to withdraw cash from Punjab National Bank ATMs, however it simply provides yet another step to make the transaction extra secure and safe.