A very important news has come for the customers of Punjab National Bank. In view of the increasing ATM frauds, PNB has implemented OTP system to make it more secure to withdraw money from ATMs. This new rule will come into effect from 1 December 2021. According to this rule, after withdrawing cash from ATM, now the customer will also enter a one time password (OTP) in addition to his PIN, which will be sent by the bank to the customer.
Cash from ATM will be collected from OTP in Panb 2.0
Punjab National Bank (PNB) is going to launch PNB 2.0 (PNB, eOBC, eUNI) One Time Password (OTP) based Cash Withdrawal facility from 1st December. PNB has told through its tweet that between 1 pm and 8 pm from December 1, cash withdrawal of more than Rs 10,000 at a time from PNB 2.0 ATM will now be OTP based, so customers take their registered mobile with them.
Only applicable to PNB 2.0 ATM
Let us tell you that United Bank of India and Oriental Bank of Commerce (OBC) have been merged in PNB, which came into existence from 1 April 2020. The Entity that has been created after this is named PNB 2.0.
PNB has stated in its tweet that OTP based cash withdrawal will be applicable only at PNB 2.0 ATM. That is, OTP based cash withdrawal facility will not be applicable for withdrawing money from PNB debit / ATM card from other bank ATMs.
SBI has already implemented
SBI has already implemented this facility for its customers. SBI had implemented OTP based cash withdrawal from 1 January 2020 for transactions of more than Rs 10,000 at SBI ATMs between 8 am and 8 am. Later in September 2020, SBI implemented OPT system for 24 hours and seven days for cash withdrawal of Rs 10,000 or more.