What is branch token in Central Bank of India?
The Central Bank of India (CBI) is one of the oldest and most prominent banks in India, established in 1911. As a part of its robust security measures, the bank has introduced a unique feature called the branch token. This article aims to provide an in-depth understanding of what a branch token is and its significance in the operations of the Central Bank of India.
The branch token is a security device used by the Central Bank of India to authenticate transactions made by its customers. It is a small, portable device that generates a unique, one-time password (OTP) for each transaction. This OTP is required to complete the transaction securely, ensuring that only the authorized person can access the account.
How does the branch token work?
The branch token operates on a simple principle of generating a unique OTP for each transaction. When a customer initiates a transaction, the bank’s system generates a random OTP and sends it to the branch token. The branch token then displays this OTP on its screen.
The customer is required to enter this OTP into the bank’s system to complete the transaction. This ensures that the transaction is secure, as the OTP is valid only for a limited period and can be used only once. The branch token also has a time-based authentication feature, which means that the OTP changes every few seconds, adding an extra layer of security.
Benefits of using the branch token
The branch token offers several benefits to both the bank and its customers:
1. Enhanced security: The branch token ensures that only the authorized person can access the account, reducing the risk of fraud and unauthorized transactions.
2. Convenience: The branch token is a portable device, making it easy for customers to use it from anywhere, anytime.
3. Time-based authentication: The time-based authentication feature of the branch token ensures that the OTP is valid only for a limited period, reducing the risk of misuse.
4. Cost-effective: The branch token is a cost-effective solution for the bank, as it eliminates the need for physical tokens or other security devices.
How to obtain a branch token
To obtain a branch token, customers need to visit their nearest Central Bank of India branch. They will be required to fill out a form and provide necessary documents for verification. Once the verification process is complete, the bank will issue a branch token to the customer.
In conclusion, the branch token is a crucial security device used by the Central Bank of India to authenticate transactions. It offers enhanced security, convenience, and cost-effectiveness, making it an essential tool for both the bank and its customers.
