If you are Canara Bank customer, do not forget to keep your phone handy while doing an ATM cash withdrawal as the public sector lender has launched India’s first OTP facility for ATM withdrawals above Rs. 10,000 in a day.
In a tweet dated August 20, the bank had announced, "We introduce India's First OTP facility for ATM withdrawals. Withdrawals in our ATMs now more secure for our card holders."
The Bank said, “Now your ATM cash withdrawals in Canara Bank ATMs get safer and more secured with OTP facility on cash withdrawals above ₹10,000 in a day. This additional factor of authentication protects from unauthorized ATM cash withdrawals for our card holders."
In June, State-run Canara Bank's two sponsored regional rural banks (RRBs) in Kerala and Karnataka launched an immediate payment service through the National Payments Corporation of India (NPCI).
"The innovative facility will enable customers of Kerala Gramin Bank and Pragathi Krishna Gramin Bank to send and receive payments from their mobile handset round-the-clock and throughout the year," NPCI chairman M. Balachandran told reporters in Bengaluru.
Earlier this year, SBI had announced the launch of YONO Cash using which customers can withdraw money from ATMs without using a card. SBI said that transactions using YONO will be secured with two-factor authentication and will also eliminate the risk of skimming and cloning.
"A customer can make bill payments and can do digital transactions by using the YONO cash feature. We are considering establishing close to 10 lakh YONO Cash Points in 18 months. Nearly 70,000 Cash Points have already been established," SBI Chairman Rajnish Kumar said at a press conference in Jaipur.
The bank has no plans to discontinue debit cards but increased use of the digital platform will itself reduce the requirement of the debit cards, he said.