New “Sim Binding” functionality introduced for online banking services; check details

State Bank of India has come up with a new feature for the SBI online banking app called Yono Lite. The new functionality will provide customers with security against fraud in digital transactions. To get the new functionality, users will need to update the current version of the app. The security feature is called SIM Binding and will be available in the latest version of the Yono lite app. Read on to learn more about the new functionality of the SBI Yono Lite app.

The SIM link will improve the security of online transactions on the SBI Yono Lite application

The SBI Yono Lite app has received a new security feature called SIM Binding. The feature ensures increased security for online transactions by only authorizing a single user or device with a registered mobile phone number. To use the new feature, a single sign-on with the registered mobile number will be required. The SIM link feature eliminates the possibility of multiple accounts being registered with the same mobile phone number, which could be used for online fraud or mischief.

When a SIM card number or phone number is registered with an account, it will increase the credentials associated with the account. Any suspicious activity on an account could then be tracked using the phone number registered with the account. SBI has launched a new feature to counter the increase in online fraud and protect SBI’s online banking procedures.

Like all other banks, SBI account holders can use a mobile app to manage their account, view transactions or make payments online. The SBI online transactions app is called Yono Lite and is available for Android and iOS devices. For reference, the app has over 50 million downloads from the Google Play Store and has been rated 3.9 stars by over six lakh reviews.

How to register for the SBI Yono Lite application

  • Download the SBI Yono Light app from Google Play Store or Apple App Store
  • When registering, use the SIM with which the relevant bank account is registered
  • Subsequently, a user will receive an SMS validating the mobile number
  • Following validation, a unique device-specific code will be sent to a predefined number
  • Sending the message will save the cell phone number, then the user will need to set the username and password
  • When the credentials are complete, press the record button to confirm the recording
  • An activation code will be sent to the user’s registered mobile number, which will be valid for 30 minutes
  • Enter the activation code and the registration process is complete.

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