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.
