SBI Yono Lite App: New Feature 'Sim Binding' introduced for online banking; check details

State Bank of India has come up with a new feature for the SBI online banking application called Yono Lite. The new feature will provide customers with safety against fraud in digital transactions. To get the new feature, users will be required 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. Keep reading to know more about the new feature in SBI Yono Lite App. 

SIM Binding will enhance safety for online transactions on the SBI Yono Lite App

The SBI Yono Lite app has received a new security feature called SIM Binding. The feature ensures enhanced safety for online transactions by allowing only one user or device with a registered mobile number. To use the new feature, a one-time authentication with the registered mobile number will be required. The SIM Binding feature eliminates the possibility of multiple accounts being registered with the same mobile number, which might be used for online frauds or mischiefs.

When a SIM card number or phone number will be registered with an account, it will increase the credentials associated with the account. Any suspicious activity from an account could then be tracked with the help of the phone number registered with the account. SBI has launched a new feature to counter the increasing online frauds and protect SBI online banking procedures. 

Like every other bank, SBI account holders can use a mobile application to manage their account, review transactions or make online payments. The SBI online transactions app is called Yono Lite and is available for both Android and iOS devices. For reference, the application has more than 50 million downloads on the Google Play Store and has been rated at 3.9 stars by over six lakh reviews. 

How to register for the SBI Yono Lite App

• Download the SBI Yono Light app from Google Play Store or Apple App Store 
• At the time of registration, use the SIM with which the concerned bank account is registered
• Thereafter, a user will receive an SMS for validation of the mobile number 
• Following the validation, a unique device-specific code will be sent to a predefined number 
• Sending the message will register the mobile number, and then the user has to set the username and password
• When credentials are done, tap on the register button for confirming the registration
• An activation code will be sent to the registered mobile number of the user, which will be valid for 30 minutes 
• Enter the activation code and the registration process is complete.