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Which bank has decided to extend OTP-based cash withdrawal of ₹10,000 and above throughout the day across all its ATMs? 
  • a)
    State Bank of India 
  • b)
    ICICI Bank 
  • c)
    Bank of Baroda 
  • d)
    HDFC Bank
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Which bank has decided to extend OTP-based cash withdrawal of 10,000 a...
State Bank of India(SBI) has decided to extend OTP-based cash withdrawal of ₹10,000 and above throughout the day across all its ATMs.
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In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas. Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device. Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural peopl e). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.Background: In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.Advantages The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. It is portable Micro ATM has connectivity through GSM, hence it can travel from village to villageDisadvantages: Micro ATM cannot provide anytime money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction. Hence both statements are correct.

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Which bank has decided to extend OTP-based cash withdrawal of 10,000 and above throughout the day across all its ATMs?a)State Bank of Indiab)ICICI Bankc)Bank of Barodad)HDFC BankCorrect answer is option 'A'. Can you explain this answer?
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