Punjab National Bank (PNB) from Feburary 1, 2021 will kick off its new ATM money withdrawal rules that customers will have to adhere to, said the bank in a statement.
The PNB bank has said in a tweet that the bank, from Feb 1, will restrict transactions from non-EVM ATM machines for better privacy and financial safety of the customers.
On January 14, Punjab National Bank had tweeted saying, “To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial & non-financial) from Non-EMV ATM machines from 01.02.2021. Go Digital, Stay Safe!.”
For the unaware, non-EMV ATMs are those that do not hold the card during the transaction. While EVM ATMs are the ones that hold the card during the transaction and reads data from the chip.
Also, the PNB bank has rolled out additional OTP based cash withdrawal for its customers. The bank has said that from February 1, transactions between 8 PM to 8 AM at PNB 2.0 (PNB, eOBC, eUNI) ATMs will be OTP based. Meaning PNB customers will need to provide an OTP sent to their number to continue with the ATM money withdrawal of more than Rs 10,000.
The initiative will, as per the bank, help plunge bank frauds like card cloning, which continues to be one of the biggest concerns for the people indulging in digital payments.