New Delhi, Jul 9 (PTI) State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature 'Safety Ring' within its internet banking system and mobile banking system in response to the increasing number of cyber frauds.

This mechanism provides an additional safety layer to minimise potential losses in case of unauthorised access by fraudsters, PNB said in a statement.

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Safety Ring is an optional feature that allows customers to set a daily transaction limit with respect to term deposits (TDs) on online closure or availing overdraft facility on TDs up to the set limit amount, it said.

The limit set by the customer should be the consolidated digital channels limit up to which the customer can close the TD or avail overdraft facility on TD, it said.

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Once set, it said, the safety feature ‘Safety Ring' ensures that TD cannot be closed, withdrawn, or used for loans (overdraft) beyond the customer-defined limit through any digital channels.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)