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State Bank of India (SBI) has launched a ‘SIM Binding’ feature in its digital banking platforms, YONO and YONO Lite, to protect customers from various frauds.
With the new feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the bank, India’s largest bank said in a statement.
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, it added.
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The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.
“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,” the statement said.
Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI, said with this new feature, the bank’s aim is to provide enhanced security to its customers and help them with convenient and safe online banking experience.
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