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Canara Bank introduces OTP for ATM withdrawals

Canara Bank has introduced OTP facility for ATM withdrawals, the first of its kind in the country. The bank said the intention of such a move was to make the withdrawals safer. The bank will activate OTP facility for cash withdrawals of Rs 10,000 or more in a day. The Reserve Bank of India had earlier said that transactions on account of technical glitches including hardware, software, communication issues and non-availability of currency will not be counted as valid transactions. It added that no charge will be levied on the same and hoped that this additional factor of authentication will protect card holders from unauthorized ATM cash withdrawals.

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