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New Delhi: 78 per cent of consumers now prefer to do most of their banking digitally through <keyword id="19915384" type="General" weightage="20" keywordseo="mobile-apps" source="keywords">mobile apps</keyword> or websites, according to the Alkami report. This shift is part of a broader trend towards <keyword id="21227659" type="General" weightage="20" keywordseo="cashless-transactions" source="keywords">cashless transactions</keyword> and <keyword id="21012835" type="General" weightage="20" keywordseo="contactless-payments" source="keywords">contactless payments</keyword>, which have become the default for many, especially since the COVID-19 pandemic. According to the report, nearly 80 per cent of financial institutions have seen an increase in cashless transactions over the past two years. This change has been accelerated by the pandemic, with many consumers opting for digital payments to avoid handling cash. About 60 per cent of these institutions noted that the volume of cashless transactions has surged by more than 20 per cent. Cashless payments aren't a new concept--personal checks and credit cards have been around for decades. However, today's digital payments, whether made through a smartphone, laptop, or tablet, are quickly becoming the standard. The convenience and safety of these transactions, especially in a post-pandemic world, have made them more popular than ever. Allison Cerra, Chief Marketing Officer at Alkami Technology, said, "The banking leaders of the future will be those that can harness data for the best use, gain a holistic view of their relationships, and meet the rapidly changing needs of digital consumers." With more people turning to <keyword id="20028215" type="General" weightage="20" keywordseo="digital-banking" source="keywords">digital banking</keyword>, there's been a noticeable decline in the use of ATMs and checks. Chad Rogers, Executive Vice President at Connexus Credit Union, noted that even millennials are moving away from traditional banking methods. "What we're seeing, even with our millennial users, is that they're no longer ordering checks, or making cash withdrawals from our ATMs as we would expect. Instead, they are self-serving from home or wherever they are. They're moving money through our digital banking platform," he said. Interestingly, even though fewer people are visiting bank branches in person, their overall engagement with banks has increased. Thanks to the ease of mobile and <keyword id="19998466" type="General" weightage="20" keywordseo="online-banking" source="keywords">online banking</keyword>, customers are now interacting with their banks more frequently, often on a daily basis. While cashless transactions are on the rise, the adoption of cryptocurrency is growing more slowly. Around 21 per cent of financial institutions reported that their customers are asking for Bitcoin products and services. Although this is still a relatively small percentage, 35 per cent of banks believe that offering cryptocurrency options could give them a competitive edge. Banks are also feeling the heat from fintech companies like PayPal, Stripe, and Venmo. Jamie Dimon, CEO of JPMorgan Chase, has called these fintechs "enormous competitive threats" to traditional banking. The popularity of fintechs has only increased during the pandemic, with many consumers turning to these platforms for their financial needs. Despite the competition, some banks are partnering with fintechs to stay relevant. According to the report, 50 per cent of banks and 40 per cent of credit unions have teamed up with fintech companies in the past three years to enhance their digital offerings. Looking ahead, many experts believe that the future of banking will revolve around personalised experiences. However, only about a quarter of financial institutions are currently using hyperpersonalization to gain a competitive advantage. There's a growing opportunity for banks to leverage personalised recommendations and offers to better serve their customers. Data is also playing a crucial role in this digital transformation. Most banks are now using data analysis to improve customer experiences, guide decision-making, and reduce development time and costs. By unlocking the potential of customer data, banks can better anticipate their clients' needs and offer tailored solutions. Allison Cerra Chief Marketing Officer at Alkami Technology, said, "We are now at a place where technology has democratised financial advice and counsel. It is no longer just the privileged upper class who can afford to get financially fit and prepare for the future."

78 pc of consumers choose digital banking over cash transactions

<ul><li>To access <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword>-ATM, you'll require a smartphone with a UPI app and a registered UPI ID.</li><li>Cardless cash withdrawal from an Aadhar-enabled ATM requires linking Aadhar to your bank account.</li><li>Withdraw cash using a mobile banking app by linking your account and generating a one time code code which you provide at the ATM. </li></ul> India has recently launched Unified Payments Interface or UPI-based cash withdrawal from ATMs, after the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> governor made the announcement in the last monetary policy briefing. This innovative initiative allows customers to access cash without the need for a traditional debit card. Apart from using UPI, there are other ways you can draw money from ATMs without using your debit card. We take a look at the different options. By using UPI <keyword id="18666429" type="General" weightage="80" keywordseo="upi-atm" source="Orion">UPI ATM</keyword> withdrawal eliminates the need to use a traditional debit card. To access this service, you'll require a smartphone with a UPI app and a registered UPI ID. To withdraw cash from a UPI ATM, follow these steps: opt for the ‘UPI Cash Withdrawal’ feature on the ATM screen, specify your withdrawal amount, scan the QR code displayed on the ATM using your UPI app, and confirm the transaction by entering your UPI PIN. Upon selecting ‘UPI Cash Withdrawal,’ the ATM generates a unique QR code, which, when scanned via your UPI app, authenticates you using your UPI PIN and prompts the ATM to dispense the requested cash. Benefits of UPI-ATM include cardless access, heightened security, and enhanced convenience. By using a mobile banking app You can use a mobile banking app to withdraw cash from an ATM without a debit card. To make use of this feature, first, ensure your bank account is linked to the app. Next, generate a one-time code within the app and specify the desired withdrawal amount. Subsequently, visit a compatible ATM and input the provided code. This action prompts the ATM to dispense the requested cash. This method not only offers convenience but also enhances security through authentication within the app. By using biometric authentication Another method for cardless cash withdrawal from an Aadhar-enabled ATM happens through biometric authentication. First, ensure that your Aadhar number is linked to your bank account. Then, locate an Aadhaar Enabled Payment System (AEPS)-enabled ATM. Input your Aadhar number or provide your bank account details at the ATM. Next, select the desired transaction type and proceed with biometric authentication, typically done through fingerprint or iris scan. After successful authentication, specify the withdrawal amount, and the ATM will dispense the requested cash.The ATM verifies your identity against Aadhar records and deducts the withdrawal amount from your linked bank account. By using SMS For this you need to follow a few steps. First, ensure that your mobile number is linked to your bank account. This is crucial for verification purposes and a smooth transaction. You'll be required to set up a secure PIN for SMS cash withdrawal, a process that can typically be completed either through your bank's dedicated mobile banking application or by visiting a nearby branch. Once your PIN is in place, compose a text message that specifies the withdrawal details, including the desired amount and the recipient's mobile number. This message should be sent to the designated number provided by your bank for SMS cash withdrawals. In response to your request, you will promptly receive an SMS containing a unique one-time code. The next step involves visiting the nearest bank ATM. Here, you will enter the received code along with your mobile number to successfully and complete the cash withdrawal process. It's worth noting that the availability of this service may differ depending on your specific bank. So, next time when you are in need of cash and have forgotten to carry your debit card, remember the above mentioned ways to get the job done without a hassle.

UPI and other ways to withdraw cash from an ATM without using a debit card

<ul class="summary-list"><li>Banks worldwide are fixing issues from a global IT outage caused by a CrowdStrike update.</li><li>British banks like Santander and Metro Bank faced ATM service disruptions on Friday.</li></ul>Major banks worldwide are scrambling to fix issues resulting from a <a target="_blank" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">global IT outage</a> caused by a CrowdStrike software update.British banks Santander and Metro Bank said they were impacted by Friday's outage, which affected their ATM services.Santander <a target="_blank" href="https://x.com/santanderukhelp/status/1814263776926962032?s=46&amp;t=0K7zLyMZdVYljqlGABmGpg">said</a> its support teams are "working hard to fix things as soon as possible," Metro Bank <a target="_blank" class="" href="https://x.com/Metrobank/status/1814213167209480505">said</a> customers "may experience a slowdown or temporary unavailability" with some of its products and services."Along with many other organizations, we have been affected by the reported global IT outage," Metro Bank told Business Insider."Currently we are having problems with our phone lines, which means customers may have trouble getting through. Customers can still transact via their app or online banking or visit us instore if they are close by."Metro Bank added that its ATMs had been functional since around 9:30 a.m. BST (4:30 a.m. ET).Commercial Bank of Qatar <a target="_blank" href="https://x.com/CBQat/status/1814284542343090587">said</a> that some of its services, such as mobile banking and its call center, experienced an outage, but all services are now fully restored.According to the <a target="_blank" class="" href="https://www.nzherald.co.nz/nz/bank-problems-reports-bnz-asb-kiwibank-anz-visa-paywave-services-down/R2EY42QKQBALXNF33G5PA6U3TQ/">New Zealand Herald</a>, some banking services in New Zealand were also disrupted, as was South Africa's Capitec, per Bloomberg.Meanwhile, Norway's central bank will carry out a<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-19/norges-bank-reports-technical-problem-with-liquidity-operations?utm_source=twitter&amp;cmpid%3D=socialflow-twitter-tech&amp;utm_content=tech&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;sref=lAVQtUwz"> banking system liquidity auction</a> via phone and email, Bloomberg reported. Hundreds of outages related to Visa's services were reported on Down Detector.Some social media users posted about being unable to access banking services, which they said highlighted the importance of cash. Gina Glaros, a reporter at NBC affiliate WTHR-TV, <a target="_blank" class="" href="https://x.com/ginaglaros/status/1814284877920895158">said</a> in an X post that pumps at a Circle K gas station were not working, adding that it was only accepting cash as its card system was down.CrowdStrike said in a statement shared with BI that the outage did not result from a cyberattack or security incident and that it had deployed a fix.The cybersecurity firm added that it is "actively working with customers impacted by a defect found in a single content update for Windows hosts" and that Mac and Linux hosts are unaffected.However, <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-outage-why-taking-time-companies-recover-2024-7">some large organizations may face delays</a> in resolving the issues and becoming fully operational again as the fix requires a manual reboot of computers, cybersecurity expert <a target="_blank" class="" href="https://www.businessinsider.com/fix-windows-computer-blue-screen-death-what-to-try-2024-7">James Bore previously told BI</a>. This could take significant time if an organization has many PCs. Santander didn't immediately respond to a request for comment from Business Insider.

Banks scramble to repair the damage caused by Crowdstrike IT outage

<ul><li>If your <keyword id="6355272" type="General" weightage="20" keywordseo="bank" source="Orion">bank</keyword> does not resolve the <keyword id="42974" type="General" weightage="20" keywordseo="complaint" source="Orion">complaint</keyword> within a month, you can approach the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> Ombudsman</li><li>You can file your complaint online through the RBI's CMS portal or send it via email or post to the Ombudsman office </li><li>Make sure to include all relevant details and documents supporting your complaint while raising it</li></ul>If you are a regular user of banking services in India, you are likely to have faced some hassle when doing banking transactions. These could be levying charges without notice, credit card-related issues, no cash disposal at an ATM even after the money is deducted and so on. You are not alone! Recently, the Reserve Bank of India (RBI) reported that the complaints to the Ombudsman have gone up by 68 per cent in 2022-23, with a total of 7,03,544 complaints. One-fifth of the complaints were concerning mobile and internet banking, while another-fifth were concerning loans and advances. The central bank’s “One Nation One Ombudsman” principle provides a single window for complaints against regulated entities, including banks, Non-Banking Financial Companies (NBFCs), Payment System Participants and Credit Information Companies. So, if you have any grievance, what can we do to get it resolved? First, register your complaint with the bank The first line of complaint is the bank branch. One may call up the customer care service for resolution of the complaint. If that does not address the problem, one needs to approach the respective bank branch. “Fill in your complaint at the complaint register of the bank. If not available, ask for it or fill it up online on the bank’s website,” says Hina Shah, director, of LUHEM, a financial planning firm. Next, complain to the nodal officer To address unresolved complaints with a bank, customers can contact the nodal officer of the bank, designated to handle escalated issues. Locate the nodal officer's details on the bank's official website, typically found under "Customer Grievance Redressal”. Prepare a detailed complaint, including relevant dates and transaction details. Draft a formal complaint letter or email, specifying your expectations for resolution. Include previous complaint reference numbers if available. Submit the complaint to the nodal officer through the provided contact details. Approach the ombudsman if not resolved in a month If the bank does not resolve the complaint within a month, approach the ombudsman. “If you are not satisfied with the resolution or if you don't receive a response within 30 days, you can approach the RBI Ombudsman. You can file your complaint online through the RBI's complaint management system (CMS) portal or send it via email or post to the Ombudsman office jurisdictional to your bank's location,” says Adhil Shetty, CEO of BankBazaar. Make sure to include all relevant details and documents supporting your complaint while raising it. As a general guideline, the <keyword id="339657" type="General" weightage="20" keywordseo="banking-ombudsman" source="Orion">Banking Ombudsman</keyword> aims to resolve complaints within a reasonable time frame. The ombudsman should address the complaint within one month. However, this may be extended to two months in certain cases, considering the complexity of the matter. It's important to note that the timeline can also be affected by the cooperation of the complainant and the bank involved in providing necessary information promptly. If there are delays or additional information is required, the resolution process may take longer.

Did you know the RBI Ombudsman received 68% more complaints in FY2023? Here’s how to file your grievance

Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.<ul class="summary-list"><li>Most banks follow the Federal Reserve System's holiday schedule.</li><li>If you're part of an online bank, transactions aren't processed on holidays.</li></ul>Once a holiday weekend comes around, everything can become a frantic rush — family gatherings, last-minute shopping trips, ever-changing holiday decorations. It's easy to lose track of which days your bank is closed, but you also don't want it to affect your day off if you need to access money in one of your bank accounts.We've included a list of holidays when most banks close, plus alternatives for accessing cash if you need money quickly. We also maintain a list of the <a href="https://www.businessinsider.com/personal-finance/best-banks">best banks</a> in the U.S. <h2>Are banks open on New Year's Eve?</h2>Most financial institutions will be closed on New Year's Eve because it falls on a Sunday this year. If a bank or credit union is regularly open on a Sunday, branches may be open for limited banking hours since New Year's Eve isn't a federal holiday. Contact your local branch for specific hours.<h2>Are banks open on New Year's Day?</h2>Financial institutions will be closed on Monday, January 1, because it's a federal holiday. Brick-and-mortar banks and credit unions will close their branches on New Year's Day. If you use an online bank, your transactions may be delayed until the next business day. Most institutions will reopen with regular banking hours on Tuesday, January 2.<h2>When are banks closed? </h2>Financial institutions close on federal holidays. Most have a holiday list on their website to let you know and prepare ahead of time.Some brick-and-mortar <a href="https://www.businessinsider.com/personal-finance/best-national-banks" rel="noopener">national banks</a> have a list in the FAQ section of the website.Others, like <a href="https://www.td.com/us/en/about-us/holiday-schedule" target="_blank" rel="noopener">TD Bank</a> and <a href="https://www.regions.com/about-regions/bank-holidays" target="_blank" rel="noopener">Regions Bank</a>, have separate pages with bank holiday schedules. During these holidays, brick-and-mortar banks will close all of their branches or modify their branch hours. Customer service hours may also vary depending on where you bank.Quick tip: If a bank doesn't have a holiday schedule on its website, your best bet will be to call your nearest branch to know which holidays it's observing. Online banks usually don't have physical branch locations, but you still may be affected. When an online bank observes a holiday, transactions may be delayed until the next day.Customer service availability will usually stay the same with online banks, but there are some exceptions. <a href="https://www.businessinsider.com/personal-finance/capital-one-bank-review" rel="noopener">Capital One 360</a> offers customer service support for all holidays except the Fourth of July, Thanksgiving Day, Christmas Day, and New Year's Day.Most financial institutions follow the <a href="https://www.federalreserve.gov/aboutthefed/k8.htm" target="_blank" rel="noopener">Federal Reserve System's holiday schedule</a>. Here is the holiday schedule for 2024. <table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;">Holiday</td><td style="width: 16.6667%; text-align: center; height: 21px;">2024</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">New Year's Day</td><td style="width: 16.6667%; height: 21px;">January 1</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Martin Luther King, Jr. Day</td><td style="width: 16.6667%; height: 21px;">January 15</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Washington's Birthday (Presidents' Day)</td><td style="width: 16.6667%; height: 21px;">February 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Memorial Day</td><td style="width: 16.6667%; height: 21px;">May 27</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Juneteenth</td><td style="width: 16.6667%; height: 21px;">June 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Fourth of July</td><td style="width: 16.6667%; height: 21px;">July 4</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Labor Day</td><td style="width: 16.6667%; height: 21px;">September 2</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Columbus Day</td><td style="width: 16.6667%; height: 21px;">October 14</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Veterans Day</td><td style="width: 16.6667%; height: 21px;">November 11</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Thanksgiving Day</td><td style="width: 16.6667%; height: 21px;">November 28</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Christmas Day</td><td style="width: 16.6667%; height: 21px;">December 25</td></tr></tbody></table>If a holiday falls on a Saturday, the bank will still be open on a Friday. But if a holiday occurs on a Sunday, the bank will be closed the following Monday.<a href="https://www.businessinsider.com/personal-finance/is-the-stock-market-open-today">The stock market is open</a> on most of the same days as banks, with a few exceptions.<h2>Do transactions go through on bank holidays? </h2>Most banking transactions don't process on bank holidays, regardless of whether you use an online or brick-and-mortar bank. <a href="https://www.businessinsider.com/personal-finance/ally-bank-review" rel="noopener">Ally Bank</a>, for instance, doesn't let you make any money-related transactions on federal holidays. The online banking platform Chime also has a <a href="https://help.chime.com/hc/en-us/articles/10017608952727" target="_blank" rel="noopener">list of holidays when it can't process direct deposits</a>. Transactions at brick-and-mortar banks like Chase, Wells Fargo, and Bank of America won't be processed until the next business day. Business days are weekdays when branches are in operation.So, instead of hinging on a lagging <a href="https://www.businessinsider.com/personal-finance/direct-deposit" rel="noopener">direct deposit</a>, you may want to come up with a backup plan in case the transaction gets delayed.<h2>Where can I get cash when banks are closed? </h2>Branches are closed on federal holidays, but ATMs aren't. If you have a debit or ATM card, you can still use a machine to take out cash during the holidays.If you're out of town, you can also use a debit card to get cash back at a store if you don't have any free ATMs nearby. That way, you don't have to pay an out-of-network <a href="https://www.businessinsider.com/personal-finance/bank-atm-fees" rel="noopener">ATM fee</a> if your bank doesn't reimburse charges.<h2>How can I cash a personal check when banks are closed? </h2>If you receive a personal check during the holidays, there are a few roundabout ways access to your money quickly.You can cash the check out at a store if you need money in a pinch.Some ATMs let you cash or deposit checks, but you may already need to have those funds in your account. If your bank's ATM network doesn't let you make check transactions, you can deposit the check using your bank's online or mobile features, then cash your check out using an ATM.Funds likely won't be available right away, so this alternative works best if you prefer to have money safe in your account and don't mind waiting a day or two.

Are banks open today? Here's a list of U.S. bank holidays for 2024

The Indian government’s unified payments interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) was launched back in 2016, and it took the technology just about three years to cross a billion transactions. The technology is meant to simplify digital payments and make them more amenable to mobile phone users, and it has just done, for over five years now. On paper, UPI is meant to do the same thing that payments systems like National Electronic Funds Transfer (NEFT) or Immediate Payments Service (IMPS) do — send payments from one account to another, within the same bank or across banks. But UPI is much simpler, and doesn’t necessarily require you to access the bank’s app or online banking systems. It uses people’s UPI IDs and UPI PINs to complete electronic payments in real time. You can use the <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">PayTM</keyword> UPI system to avoid using your bank’s platform. What is <keyword id="4003296" type="General" weightage="50" keywordseo="upi-id" source="Orion">UPI ID</keyword>? The UPI ID is your first entry into the UPI ecosystem. This is the ID you will share with others to receive payments, and the ID that you will use in order to send payments to others as well. The UPI ID is linked to your bank account, and ensures that money is deducted or deposited to the right account. A separate UPI ID will have to be created for each bank account that you have. To create one, though, you will need to access a UPI gateway like PayTM. These gateways allow you to create the UPI ID and set up the <keyword id="4760578" type="General" weightage="80" keywordseo="upi-pin" source="Orion">UPI PIN</keyword>. What is UPI <keyword id="6376717" type="General" weightage="80" keywordseo="pin" source="Orion">PIN</keyword>? UPI payments from apps like Paytm are real-time, and they can be done from virtually any smartphone today, but it still requires an authentication medium. Enter, the UPI PIN. After you set up your UPI ID, you will have to set up this four-digit PIN, which is used to authenticate all transactions. Whenever you send a payment to someone, you will need to enter this pin on your mobile phone in order to validate the transaction. Your UPI PIN, like an <keyword id="48577" type="General" weightage="50" keywordseo="atm" source="Orion">ATM</keyword> or credit card PIN, should be kept secret. Since UPI payments can be done from anywhere, and any phone, divulging the PIN to unknown parties can leave you open to frauds. The PIN is also required when you switch UPI apps, or change phones and have to set up your UPI app of choice for a second time. How to set up the UPI PIN? Once you <a href="https://p.paytm.me/xCTH/upimoneytext">download </a>an UPI payment application, like PayTM, on your smartphone, you will need to follow the following steps in order to set up the UPI PIN. <ul><li>Tap the <a href="https://paytm.com/settings/personal-info">‘Profile’ </a>option on the top left corner of the PayTM app. </li><li>Find the Payment Settings option in the menu that opens from tapping on this icon. </li><li><keyword id="14635143" type="General" weightage="20" keywordseo="inside-payment-settings" source="Orion">Inside Payment Settings</keyword>, you will find the <keyword id="14635142" type="General" weightage="20" keywordseo="upi-linked-bank-accounts" source="Orion">UPI &amp; Linked Bank Accounts</keyword> option, which shows the list of accounts you have linked to the app. </li><li>The app will show you the option to set up a UPI PIN for whichever bank account you haven’t created one for yet. </li><li>Click on <keyword id="14635141" type="General" weightage="50" keywordseo="set-pin" source="Orion">Set Pin</keyword> and enter the last six digits of your debit card number, along with the expiry date of the card. </li><li>The bank will then send you an OTP on your registered mobile number, which needs to be entered on the app. </li><li>You will then get the option to set up the UPI PIN of your choice, and you can click the submit button once you’re sure of the pin. </li></ul>How to change the UPI PIN? Once you have set up the UPI PIN, you can use the same steps to change the pin when required. The UPI system doesn’t require a regular PIN change, but it is a good idea to change the PIN intermittently, in order to keep yourself more secure. Once you have set up your UPI PIN, the PayTM mobile application will show the option to ‘Change PIN’ where it earlier showed the ‘Set PIN’ option. <ul><li>To change the UPI PIN, you need to open the <a href="https://p.paytm.me/xCTH/upimoneytext">PayTM </a>app and tap on the profile option on the top left. </li><li>From here, tap on the Payment Settings option </li><li>Navigate to linked bank accounts. </li><li>The option to change the UPI pin should show up under the bank accounts you have linked to the app. </li><li>If you haven’t created an UPI ID, you will get the option to set a pin.</li></ul> How to protect your UPI PIN? As mentioned before, the UPI PIN should be protected and shouldn’t be shared with anyone. Additionally, the UPI PIN should also not be a PIN you use for another purpose — like the MPIN, the credit card or ATM PIN or even your phone’s lock screen passcode. The MPIN is the passcode you use to access a bank’s mobile application. Disclaimer: This article is generated and published by the <keyword id="14028703" type="General" weightage="20" keywordseo="insider-studios" source="Orion">Insider Studios</keyword> team. You can get in touch with them on insiderstudios@businessinsider.in

Simplifying digital payments: Creating a UPI pin adds the layer of protection

<ul><li>The Punjab National Bank (PNB) has introduced a new One Time Password (OTP) system for account holders looking to withdraw cash from ATMs.</li><li>However, the OTP verification is only required for withdrawals of over ₹10,000.</li><li>Withdrawals of over ₹10,000 will also only be permitted between 8:00 am to 8:00 pm. </li></ul>After India’s largest public sector bank, the State Bank of India (SBI), brought in new rules for how customers could withdraw from ATMs, the Punjab National Bank (PNB) is following suit. The new rules come into effect today, but you only have to worry about the change if you plan to withdraw more than ₹10,000 at a time. Changes to PNB’s ATM rules Starting December 1, PNB account holders will now need a One Time Password (OTP) to withdraw cash of ₹10,000 or above from ATMs. Withdrawals of amounts greater than ₹10,000 will also only be available between 8:00 am to 08:00 pm. This means that if any customer has changed their registered mobile number, they will need to update their details with the bank in order to withdraw money. How to use PNB’s new OTP-based system? <ul><li>If you’re looking to withdraw more than ₹ 10,000 from an ATM, make sure you’re carrying your mobile phone with you. </li><li>Once you check-in at a PNB ATM, insert your debit/ATM card.</li><li>Enter the required details on the screen. </li><li>An OTP will be sent to your mobile phone to verify your identity. </li><li>Enter the OTP on the ATM machine.</li><li>If the OTP is approved, the cash will be released. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-is-still-fighting-its-ban-as-indigenous-clone-fau-g-makes-its-debut/articleshow/79503526.cms">PUBG Mobile India is still fighting its ban as indigenous clone FAU-G makes its debut</a> <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million — valuation doubles to $800 million for the just two-year old startup</a> <a href="https://www.businessinsider.in/science/space/news/new-technology-to-create-fuel-and-oxygen-on-mars-could-help-humans-explore-the-deep-sea-here-on-earth/articleshow/79504876.cms">New technology to create fuel and oxygen on Mars could help humans explore the deep sea here on Earth</a>

After SBI, PNB brings in new rules to withdraw cash from ATMs

<ul class="summary-list"><li>Customers of an Ethiopian bank found they could withdraw unlimited cash for a few hours last weekend. </li><li>More than $40 million was withdrawn or transferred from CBE, local media reported.</li></ul>A technical glitch let customers of an Ethiopian bank take out or transfer more money they had in their accounts.Local media reported that<a target="_blank" href="https://addisfortune.news/cbe-glitch-transforms-a-routine-weekend-into-a-jackpot/"> more than $40 million had been withdrawn.</a>Long queues formed at ATMs as news spread in the early hours of Saturday morning that unlimited withdrawals could be made from the Commercial Bank of Ethiopia (CBE), the reports said.Several hours went by before the bank halted transactions and police cleared <a target="_blank" href="https://www.bbc.com/news/world-68599027">crowds around ATMs</a>, BBC News reported, citing a local student.Much of the cash was taken by university students, the bank's president Abie Sano said at a press conference on Monday, the outlet reported. Universities have encouraged students to return any money that didn't belong to them, BBC News reported. Sano said that no one who returned money would be prosecuted. <a target="_blank" href="https://www.combanketh.et/en/about/">More than 40 million</a> Ethiopians have an account with the bank. A campus official at Dilla University told the outlet that police were collecting money being returned voluntarily by students. However, the report added that a student at Jimma University said he hadn't heard of anyone giving money back.The CBE hasn't confirmed the cause of the glitch, but in a <a target="_blank" href="https://twitter.com/combankethiopia/status/1769741184002384191">post on X</a> said it was not related to a cyber attack, per a Google translation.A statement issued by the body serving as Ethiopia's financial regulator on Sunday and translated by BBC Amharic said the glitch occurred during "maintenance and inspection activities."Last August, <a target="_blank" href="https://www.businessinsider.com/huge-atm-queues-as-glitch-let-customers-withdraw-more-cash-2023-8">a similar incident</a> affected the Bank of Ireland, enabling some customers to withdraw cash beyond their balances.The Bank of Ireland said at the time that there had been a "technical issue" and warned account holders that any transfers and withdrawals made would still be applied to their accounts.The CBE did not immediately reply to a request for comment from Business Insider.

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