SBI YONO: Know the new rule to use the app
SBI account holders who use the SBI YONO lite app will have to ensure one thing before the bank will allow them to login
To protect its 46 crore customers from fraudsters, the nation’s largest lender State Bank of India (SBI) has launched a unique feature first time in the country. From July 22 SBI YONO has implemented a tough new rule that customers must follow to continue using the app. If they do not follow the new rules, the customers won’t be able to use the app. Henceforth, account holders who use the SBI YONO lite app will have to ensure one thing before the bank will allow them to login.
They have to use only the phone number that is registered with the bank. SBI YONO will not allow account holders to make any transaction if they try to login with a different phone number.
That means an account can be accessed only through a single phone number, no other number can have the access of the account irrespective of the person. SBI calls it Sim binding for YONO lite technology.
This technology will minimise the opportunity of fraud. This technology has been put into effect from July 22. All YONO app users have to upgrade to this latest version (5.3.48) and make the transaction, SBI said.
Now online banking is more secure than ever with SBI! Download the latest YONO Lite app now: https://t.co/uP7JXe6c4f
#YONOLite #YONO #OnlineBanking #SafeBanking #BeSafe pic.twitter.com/2REYi5b4Fl— State Bank of India (@TheOfficialSBI) July 21, 2021
How does it work?
SBI used the Twitter platform to send this message. It first explained why it was taking this tough step by tweeting, “A giant leap towards ultimate banking safety.”
“The new YONO lite (Version 5.3.48) upgrade will allow access to YONO SBI only from the phone which has the mobile number registered with the bank. Customer has to authenticate once after upgrade the app,” it said.
This two-layer security feature really helps the common people from the fraudsters and keeps to safe their hard-earned money.
Customers have to just upgrade the YONO lite app from play store or app store and authenticate through OTP with the register phone number. After that the app will work normally.
The app will not work if it is not installed in the phone number submitted to the bank.
Bank fraud data
A total of Rs 615.39 crore was lost in more than 1.17 lakh cases in online banking in India from April 2009 to September 2019, according to a report.