SBI to introduce OTP-based ATM cash withdrawals. As RBI announces next phase of its "Operation Twist", Indian bonds rally and yields drop.
New Rules: Beginning 1 January 2020, the State Bank of India will introduce an OTP-based cash withdrawal system at all its ATMs "to help protect [users] from unauthorised transactions".
This facility will be applicable for transactions above ?10,000. The OTP will be sent once cash withdrawal is requested. After the customer receives the OTP, they would have to input the same on the ATM screen to withdraw the money. Livemint
The Sequel is Already Here: The next step in the RBI's Fed-styled Operation Twist will be conducted as early as Monday. This operation involves the Central Bank buying long-end debt while selling short-end bonds. The first such move was held earlier this week.
The pace of this unconventional policy to lower borrowing costs enabled Indian bonds to rally. The 10-year yield slid 7 basis points to 6.51%, taking this week's drop to 9 basis points. ET Markets
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