To safeguard the interest of its customers, the country’s largest lender State Bank of India (SBI) has launched a new enhanced security feature – ‘SIM Binding’ in Yono Yono Lite. Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI said, “We are glad to launch the SIM Binding feature in two of most popular platforms of SBI i.e. YONO YONO Lite. With this new feature, our aim is to provide enhanced security to all our customers help them with a convenient safe online banking experience. We at SBI always strive to encourage customers to perform digital banking services from the comfort of their homes avail the one-stop banking lifestyle solutions of YONO YONO Lite.”
What will change for SBI Yono Yono Lite users with ‘SIM Binding’ feature
The new version of these platforms will protect customers from various digital frauds. With the SIM Binding feature, YONO YONO Lite will work only on those devices which have SIM of mobile numbers registered with the Bank.
How SBI Yono Yono Lite users can access ‘SIM Binding’ feature
- To access the new version of Yono YONO Lite with enhanced security features, users will have to update their mobile app 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.
YONO YONO Lite will work with the basic rule of One Mobile Device – One User – One RMN. However, the customer can use both YONO 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 YONO Lite.
The new SIM binding feature will also allow two different users to access YONO YONO Lite separately in a dual SIM handset, provided that SIMs of the RMN of both the users are inserted in the device.
The integrated digital 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.
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