SBI Introduces New Policy, ATM Transactions Now Require OTP

State Bank of India (SBI) implemented a new policy to prevent fraudulent ATM transactions. To complete the transaction, SBI customers will now require to submit a one-time password (OTP) while withdrawing cash from ATMs. However, this applies to customers withdrawing Rs 10,000 or more in a single transaction. On December 26, 2019, SBI announced through Twitter that this service will be available at all SBI ATMs beginning January 1, 2020.