‘SIM Binding’

Published on August 03, 2021
Current Context: The State Bank of India (SBI) launched a new feature named ‘SIM Binding’ on its YONO and YONO Lite apps.
‘SIM Binding’
  • The ‘SIM Binding’ is an enhanced security feature which will protect customers from various digital frauds and offer them a safe online banking experience.
  • Under this feature, both the apps will run only on those devices which have SIM of mobile numbers registered with the Bank.
  • To avail of the ‘SIM Binding’ feature, the users will have to update their mobile app in order to get the latest version of both the apps incorporates with the latest feature.
  • Further, the users will have to perform a one-time registration process on these apps, in which the bank will verify the SIM of the registered mobile number with the lender.
  • The customers are supposed to register themselves with the device which has the SIM of the registered contact number.
  • Static Part: 
    • HQ of SBI: Mumbai
    • Chairperson of SBI: Dinesh Kumar Khara

Question: 

Q.1 Which bank launched ‘SIM Binding’ on its app in order to offer security to its customers from online frauds?    
a. HDFC Bank
b. IDBI Bank
c. Yes Bank
d. State Bank of India

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