To make your mobile banking experience more secure, State Bank of India (SBI) on Monday launched a new feature – ‘SIM Binding’ in YONO and YONO Lite. The new advanced security option will protect customers from online fraud, the lender said in a statement. Commenting on the new facility, Rana Ashutosh Kumar Singh, DMD (Strategy) and Chief Digital Officer, State Bank Of India“With this new facility, we aim to provide better security to all our customers and provide them with a convenient and secure online banking experience. We at SBI have always endeavored to encourage our customers to avail digital banking services from the comfort of their homes and avail one-stop banking and lifestyle solutions from YONO and YONO Lite.
How the new advanced security option works on SBI YONO and YONO Lite apps
With the new SIM binding feature, SBI Mobile Banking Application – YONO and YONO Lite will be on only those devices which have SIM of mobile numbers registered with the bank. To use the new version of YONO and YONO Lite with enhanced security features, SBI customers need to update their mobile app. Then users will have to complete a one-time registration process on these apps. The bank will verify the SIM of the mobile number registered with the lender to complete the registration process. SBI customers need to 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 registered mobile number, the country’s largest lender said. Bank customers can use both YONO and YONO Lite in a single mobile device by using the SIM of the mobile number registered with the bank. Those who have not registered their mobile number with the bank will not be able to complete the registration process on YONO and YONO Lite.
If 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. SBI said that the new SIM binding feature will allow two different users to access YONO and YONO Lite separately in a dual SIM handset. To use the YONO and YONO Lite apps, the registered mobile numbers of both the users must be SIM inserted in the device. SBI customers can dial 1800111101 for YONO SBI and 1800112211 for YONO Lite.
SBI CDO said, “We are delighted to launch the SIM Binding feature in two of SBI’s most popular platforms i.e. YONO and YONO Lite. Around 40 million SBI customers will benefit from this new advanced security feature. Integrated Digital and Lifestyle Platform by SBI – YONO has over 37 million registered users, which see 90 lakh logins per day, the bank said.
State Bank of India last week announced Monsoon Dhamaka offers for home buyers. There will be zero processing fee on home loans till August 31. “This is a significant reduction from the current processing fee of 0.40%. A home loan customer stands to gain substantially through this limited tenor offer,” the bank said. SBI is the largest mortgage lender in the country with over 30 lakh home loans sanctioned till date. SBI’s market share 34.51% and around 32% in the home loan and auto loan segments respectively.
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