State Bank of India IRATA – The safest way to activate an Online Beneficiary

            To minimize internet banking frauds, majority of the Banks have a cooling period before funds can be remitted to a new beneficiary through net banking.

            A balance between safety and customer delight can increase the inte

rnet banking volumes.

            Towards this end, State Bank of India has introduced the IRATA mode.

            The IRATA mode was introduced in April 2014, however at present it is being marketed extensively.

The full form of IRATA is “Internet Banking Request Approval Through ATM”.

The full limits of INR5.00lacs can be enjoyed instantly, if the newly added third party beneficiary is approved through the IRATA mode.

This facility can be availed through a very simple process. Just select the option Approval through ATM (IRATA) at the time of approval of beneficiary in the online sbi module and proceed accordingly.

The principles of 3 factor authentication are applied in IRATA:-

Factor 1 – What you have (ATM Card)

Factor 2 – What you know (ATM Password)

Factor 3 – What you know (10-digit INB reference number)

Another beneficiary for the SBI group is the higher utilization rate for its ATMs.