The State Bank of India (SBI) has launched a new and enhanced security feature – ‘SIM Binding’ in Yono and Yono Lite. The new version of these platforms will protect customers from various digital frauds. 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, it said in a press release.
Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI said, “With this new feature, our aim is to provide enhanced security to all our customers and help them with convenient and safe online banking experience.”
How it works
To access the new version of Yono and Yono Lite, users will have to update their mobile app and 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 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 in the same mobile device using the SIM of RMN with the bank. In case the customer is using 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.
