The State Bank of India (SBI) has added a 'SIM Binding' functionality to its YONO and YONO Lite digital banking systems to safeguard customers from digital scams. Both YONO and YONO Lite with the SIM Binding function will only function on devices that have SIM cards from mobile numbers that have been registered with the bank, and users must update their YONO and YONO Lite apps to the latest versions in order to utilise the latest functionality.
Customers can sign in to the app by completing a one-time registration procedure that validates the SIM of the registered mobile number (RMN) with the bank. According to the sources SBI's DMD (Strategy) and Chief Digital Officer, Ashutosh Kumar Singh, declared that "We are glad to launch the SIM Binding feature in two of most popular platforms of SBI i.e. YONO and YONO Lite. With this new feature, our aim is to provide enhanced security to all our customers and help them with a 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 'SIM Binding Feature' Will Work On YONO And YONO Lite?
One Mobile Device - One User - One RMN is the main criterion that YONO and YONO Lite will follow. Customers can, nonetheless, utilise both YONO and YONO Lite on the same mobile device if they use the SIM of registered mobile number with the bank. Customers who use a mobile number that is not authorized or verified with the bank will be prohibited to accomplish the YONO and YONO Lite registration procedure.
In a dual SIM mobile, the new SIM binding functionality will also enable two different customers to use YONO and YONO Lite independently, ensured that both users' RMN SIMs are installed in the handset. SBI's DMD (Strategy) and Chief Digital Officer, Rana Ashutosh Kumar Singh, claimed that "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."
For a user who changes the SIM in the existing application, SBI has also claimed on its official website that if the registered SIM is not available then we below given message will be displayed to the user. "'Dear User, The registered SIM is not available in your device. Do you want to register again?.' with REGISTER and CANCEL button. On click of REGISTER, user will navigate to SIM selection screen and will be able to re-register the application. On click of CANCEL button, application will be closed. User can continue using the app once the registered SIM is available on the phone."