State Bank of India (SBI) has launched a new and enhanced security feature to safeguard the interest of its customers. The ‘SIM Binding’ feature in YONO and YONO Lite will protect customers from various digital frauds. So, what will change for SBI customers after this new feature? With the SIM Binding feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the Bank.
Here is how SBI customers can access the new version of YONO and YONO Lite
- To access the new version of YONO and YONO Lite with enhanced security features, users will have to update their mobile app
- Users should complete the one-time registration process on these apps.
- The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.
- Customers will have to ensure that they register themselves with the device which has the SIM of the registered contact number.
How will SBI new feature ensure safe and secure online banking
- YONO and YONO Lite will work with the basic rule of One Mobile Device – One User – One RMN. However, the customer can use both YONO and YONO Lite on the same mobile device using the SIM of RMN with the bank.
- In case the customer is using a mobile number, which is not registered with the bank, they will be unable to complete the registration process on YONO and YONO Lite.
- The new SIM binding feature will also allow two different users to access YONO and YONO Lite separately in a dual SIM handset, provided that SIMs of the RMN of both the users are inserted in the device.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. The number of customers using internet banking and mobile banking stands roughly at 89 million and 20 million respectively. The integrated digital and lifestyle platform by SBI – YONO has over 37 million registered users, which witnesses 9 million logins per day. Accelerating the digital agenda, 2 million accounts have been opened through YONO in the quarter ended March 2021. In terms of digital lending, the bank disbursed personal loans of more than Rs. 5300 crore through the YONO mobile app in the same quarter.