PNB Restricts Withdraw of Money from non-EMV ATMs from February 1
- State-owned Punjab National Bank (PNB) has decided to restrict its customers from withdrawing money from non-EMV automated teller machines (ATMs) with effect from 01 February 2021, in an attempt to check frauds, related to money transactions.
- This restriction will apply to both, financial and non-financial transactions.
- To overcome this, PNB will introduce OTP based systems for withdrawing cash.
What are non-EMV ATMs
- Non-EMV ATMs are those which reads data through magnetic strips and do not hold the ATM card during the transaction.
Other major decision
- PNB has also decided to replace the old IFSC and MICR codes. This means that the old codes will not work after March 31, 2021.
- Customers will have to get a new code from the bank
- This decision has been taken due to merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India on 1st April 2020.