Many rules involving online bank transactions and ATM cash withdrawal are going to change from Tuesday (December 1, 2020).
Reports say, while there will be fresh timings for Real Time Gross Settlement System (RTGS), Punjab National Bank (PNB) will introduce One Time Password (OTP) based cash withdrawal facility at ATM for its customers.
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Here are some new rules introduced by banks from December 1.
Starting Tuesday (December 1), PNB will implement OTP based cash withdrawal facility for its customers.
According to the bank, cash withdrawals of more than Rs 10,000 at a time between 8 pm and 8 am from 1 December 2020 from PNB 2.0 (PNB, eOBC, eUNI) ATMs will now be OTP based.
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PNB customers will need OTP, sent on their registered mobile phone, to withdraw more than Rs 10,000 in these night hours.
The following is the procedure for OTP based cash withdrawal:
– Check in at PNB ATM.
-Insert your debit/ATM card card.
– Enter the necessary details.
– If you are withdrawing more than Rs 10000 at a time, you will get an OTP on your registered mobile number.
– Enter the OTP that you have recieved on your mobile number.
– After entering OTP, you will get cash.
Real Time Gross Settlement System
The Reserve Bank of India (RBI) has announced that Real Time Gross Settlement System (RTGS) will be made available round-the-clock from December 2020.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
RBI Governor Shaktikanta Das, in its October Monetary Policy announcements, had announced that the RTGS facility will be implemented round-the-clock on all days of the year.
“With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system,” Das had said.
Real-Time Gross Settlement is a popular high-value fund transfer mode. The minimum amount that one can transfer through RTGS is Rs 2 lakh.