The Punjab National Bank (PNB) has taken a major step in an effort to check fraud and will not allow its clients to withdraw money from non-EMV automated teller machines (ATMs) effective Feb. 1, 2021. PNB has already told its customers that it will ban both financial and non-financial transactions from non-EMV ATM machines.
What is Non-EVM ATMs?
Non-EMV ATMs are those in which ATMs or debit cards are not used during transactions. In these machines, the data card is read through a magnetic strip. Here the card is also locked for a few seconds.
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!— Punjab National Bank (@pnbindia) January 14, 2021
#TransactioKaroFearless #ATM pic.twitter.com/puvHq7fda3
In an official announcement on the micro-blogging site, Twitter, PNB informed, "To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial and non-financial) from Non-EMV ATM machines from February 1, 2021 Go Digital, Stay Safe!"
PNB started OTP services for withdrawal in December 2020
In December 2020, the bank updated the rules regulating the withdrawal of money from ATMs. For cash withdrawals of Rs.10, 000 and above from ATMs between 8 pm and 8 am, PNB account holders obtain a One Time Password (OTP). For PNB account holders, cash withdrawals are not possible without OTP. With the launch of its cash withdrawal facility based on OTP, PNB ATMs have added an extra layer of cash withdrawal security.