Active Stocks
Mon Sep 25 2023 15:59:39
  1. Tata Steel share price
  2. 127.35 0.51%
  1. Tata Motors share price
  2. 618.6 -0.4%
  1. NTPC share price
  2. 239.6 0.69%
  1. Wipro share price
  2. 414.05 -1.1%
  1. Infosys share price
  2. 1,474.75 -1.42%
Business News/ Money / Personal Finance/  SBI launches new feature in Yono, Yono Lite app. Benefits and other details here

To safeguard the interest of its customers, the country’s largest lender State Bank of India (SBI) has launched a new and enhanced security feature – ‘SIM Binding’ in Yono and Yono Lite. 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 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."

What will change for SBI Yono and Yono Lite users with ‘SIM Binding’ feature

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.

How SBI Yono and Yono Lite users can access ‘SIM Binding’ feature

  • 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 (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.

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 on the same mobile device using the SIM of RMN with the bank. In case the customer is using a 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.

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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 02 Aug 2021, 02:07 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App