In a bid to make online banking safer for its customers, India’s largest public-sector lender State Bank of India (SBI) has added an extra layer of One Time Password (OTP) for logging into the account.
Now, account holders who are logging into their SBI account online will require to enter an OTP after the successful entry of username and password.
In a recent tweet, the lender said, “SBI makes online banking safer you with our OTP based login for added security. Now bank carefree from the comfort of your home.”
The addition of an extra security layer is aimed at reducing online frauds as this new step makes it difficult to log in to an account without the presence of the user and their phone.
Apart from this, the SBI online interface also requires an OTP for each online transaction through NEFT/RTGS/IMPS.
Separately, the public sector lender also launched a video KYC feature for the opening of savings account on its Yono mobile banking app. The initiative, powered by artificial intelligence and facial recognition technology, is a contactless and paperless process, the bank said.
The new feature will be available for those customers who are planning on opening a new savings bank account with SBI.
In order to avail this, a customer needs to download and open Yono SBI app, then click on “New to SBI”, select “Open Savings Account” and then “Without branch visit”. Then they’ll have to select Insta Plus Savings Account”.
Customers will be required to furnish their Aadhaar card details, and on successful authentication of Aadhaar details, they will have enter personal details and schedule a video call to complete the KYC process. On successful completion of video KYC, the account will be opened, the bank said.
-with PTI inputs
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