The Business Bytes
TBB BUREAU
MUMBAI, AUGUST 02, 2021
To safeguard the interest of its customers, country’s largest lender State Bank of India (SBI) has launched a new 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.
To access the new version of YONO and YONO Lite with enhanced security features, 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 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 Registered Mobile Number. However, the customer can use both YONO and YONO Lite in the same mobile device using the SIM of the registered mobile number with the bank.
In case the customer is using a mobile number that is not registered with the bank, he/she 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 the SIMs of the registered mobile number of both the users are inserted in the device.
“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,” said Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI.
