To make your mobile banking experience more secure, State Bank of India (SBI) on Monday has launched a new feature — ‘SIM Binding’ in YONO and YONO Lite. The new enhanced security option will protect the customers from online frauds, the lender said in a statement. Explaining the new feature, Rana Ashutosh Kumar Singh, DMD (Strategy) and chief digital officer, SBI, “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. We at SBI always strive to encourage customers to perform digital banking services from the comfort of their homes and avail the one-stop banking and lifestyle solutions of YONO and YONO Lite.”
How the New Enhanced Security Option Works on SBI YONO and YONO Lite Apps
With the new SIM Binding feature, the SBI mobile banking application — YONO and YONO Lite will 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, SBI customers will have to update their mobile app. Then the users need to complete the one-time registration process on these apps. The bank will verify the SIM of the registered mobile number with the lender to complete the registration process. SBI customers must 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. The bank customer can use both YONO and YONO Lite in the same mobile device using the SIM of registered mobile number with the bank. Those who have not registered their mobile numbers with the bank, will not be able to complete the registration process on YONO and YONO Lite.
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, SBI said. The SIMs of the registered mobile numbers of both the users must be inserted in the device to use the YONO and YONO Lite app. SBI customers can dial 1800111101 for YONO SBI and 1800112211 for YONO Lite, the lender said.
“We are glad to launch the SIM Binding feature in two of most popular platforms of SBI i.e. YONO and YONO Lite," SBI CDO added. Around 4 crore SBI customers will be benefitted with this new advanced security feature. The integrated digital and lifestyle platform by SBI — YONO has over 3.7 crore registered users, which witnesses 90 lakh logins per day, the bank said.
State Bank of India last week announced Monsoon Dhamaka Offer for home buyers. There will be zero processing fees on the homeloans till August 31. “This is a significant reduction from the existing processing fees of 0.40%. A home loan customer stands to gain substantially through this limited period offer," the bank said. SBI is the largest mortgage lender in the country which has so far sanctioned 30 lakh home loans. SBI commands a market share of 34.51% and about 32% in home loans and auto loans segment respectively.