SBI launches ‘SIM Binding’ feature in YONO & YONO Lite
With SIM Binding feature, SBI makes online banking more secure for the users of YONO and YONO Lite
Customers now need to use the SIM of registered mobile number on their devices to access YONO and YONO Lite
Mumbai – August 02, 2021: To safeguard the interest of its customers, Country’s largest lender State Bank of India (SBI) has launched a new and enhanced 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 to 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 (RMN) 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.
Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI said, “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 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.”
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. 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, provided that SIMs of the RMN of both the users are inserted in the device.
For any assistance, customers can dial 1800111101 for YONO SBI and 1800112211 for YONO Lite.
About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on March 31, 2021, the bank has a deposit base of nearly Rs. 37 lakh crore with CASA ratio of over 46% and advances of more than Rs. 25 lakh crore. SBI commands a market share of 34.51% and about 32% in home loans and auto loans segment respectively. SBI has the largest network of 22,219 branches and 62,671 ATM / CDM in India with BC outlets close to 72,000. The number of customers using internet banking and mobile banking stand roughly at 89 million and 20 million respectively. The integrated digital and lifestyle platform by SBI – YONO has over 37 million registered users, which witnesses 9 million logins per day. Accelerating the digital agenda, 2 million accounts have been opened through YONO in the quarter ended March 2021. In terms of digital lending, the bank disbursed personal loans of more than Rs. 5300 crore through the YONO mobile app in the same quarter. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.