CURRENT AFFAIRS

Detailed explanation-1: -Detailed Solution. Public sector lender Canara Bank has launched the first OTP facility for ATM withdrawals. In order to offer a more secured and safe system, Canara bank will activate OTP facility for cash withdrawals of Rs 10,000 or more in a day.

Detailed explanation-2: -Customers withdrawing Rs 10,000 or more from ATMs will have to go through an extra level of security, a One Time Password (OTP). This step has been taken by the State Bank of India (SBI) to protect the customers from fraudulent transactions and thefts.

Detailed explanation-3: -For withdrawals over Rs 10,000, the one-time password (OTP) based cash withdrawal option is available around-the-clock at all SBI ATMs. To complete their transactions when withdrawing money from an ATM, State Bank of India (SBI) customers must enter a one-time password (OTP).

Detailed explanation-4: -India’s largest private sector bank, ICICI launched the “ATM on Wheels” country first Mobile ATM, in Mumbai. It was connected to the bank through the GPRS technology.

Detailed explanation-5: -Once you insert your debit card and enter the ATM PIN along with the withdrawal amount, you will be asked for the OTP. The OTP will be received on your registered mobile number via SMS. Enter the OTP received on your phone on the ATM screen.