State Bank of India (SBI) has announced that customers who use its online banking/net banking facility will have to register their mobile number by November 30. SBI will deactivate its net banking facility from December 1 for customers who fail to do this within the specified timeline.
On its internet banking website, SBI has stated that it is necessary for customers to register their mobile numbers if they wish to avail net banking services, according to RBI’s advisory.
The Reserve Bank of India (RBI) had previously directed all banks in the country to put in place a system to register customers for mobile banking services. The RBI also asked banks to provide customers with options for easy registration to avail mobile banking services.
Further, State Bank of India also mentioned on its website that all SBI account holders who still have Magstripe debit cards will have to replace their cards with chip-based EMV debit cards within the end of the year. The public-sector lender is replacing these Magstripe debit cards for customers free of cost.
Sources: Livemint, Times Now News