Change: PNB will implement OTP based withdrawal system for cash withdrawal, withdrawal rule will be changed from December 1

Change: PNB will implement OTP based withdrawal system for cash withdrawal, withdrawal rule will be changed from December 1

PNB is going to implement One Time Password (OTP) based Cash Withdrawal System

PNB customers will need an OTP to withdraw more than Rs 10,000 in night hours

Punjab National Bank (PNB) is going to implement One Time Password (OTP) based Cash Withdrawal System to make cash withdrawals from ATMs more secure. If you want to withdraw more than Rs 10,000 cash at a time from PNB 2.0 ATM between 8 pm and 8 am from December 1, it will be OTP system based. That is, customers will need an OTP to withdraw more than Rs 10,000 during these night hours. This OTP will come to your registered mobile number.

The new rules will only apply to PNB ATMs

OTP based cash withdrawal will be applicable in PNB 2.0 ATM only. That is, OTP based cash withdrawal system will not be applicable for withdrawing money from PNB debit / ATM card from other bank's ATM.

What is PNB 2.0?

PNB has merged United Bank of India and Oriental Bank of Commerce (OBC) with effect from 1 April 2020. The organization that came together has been named PNB 2.0.

SBI had implemented this facility from January 2020

State Bank of India, the country's largest bank, has implemented an OTP-based cash withdrawal system at SBI's ATMs from January 1, 2020 from 8 pm to 8 am for transactions exceeding Rs 10,000. Later in September, SBI had implemented OTP based withdrawal system 24 × 7.

Read Divyabhaskar Report

A total of 84,545 cases of fraud in the financial year 2019-20

A total of 84,545 cases of fraud were registered in the country's banking sector in the financial year 2019-20. A total of Rs 1.85 lakh crore has been involved in these cases. This information has come out through Right to Information (RTI). This information has been provided by the Reserve Bank of India. The RBI, on the other hand, received the highest number of complaints against SBI, HDFC and ICICI Bank.