Explanation:

State Bank of India has recently launched a feature called “SIM BINDING” for its mobile banking customers. The feature has been added to SBI’s YONO and YONO lite digital banking systems to safeguard the interests of its customers. SIM Binding will protect customers from various digital frauds. After the addition of SIM Binding feature, YONO and YONO lite will work only on those devices which have SIM of mobile number registered with the Bank.
State Bank of India was formed on 1 July 1955 under the Gorewala Committee. Before 1955, It was known as the Imperial Bank of India which was formed in 1921 after merging Bank of Calcutta, Bank of Bombay and Bank of Madras. SBI is headquartered in Mumbai. The current Chairman of SBI is Dinesh Kumar Khara. It is India’s largest Government Bank.