RBI bars Bank of Baroda from onboarding new customers on mobile app 'bob World' - Hindustan Times

RBI bars Bank of Baroda from onboarding new customers on mobile app 'bob World'

PTI | | Posted by Singh Rahul Sunilkumar
Oct 10, 2023 05:22 PM IST

RBI directs Bank of Baroda to rectify deficiencies in onboarding process on 'bob World' app

The Reserve Bank of India on Tuesday barred state-owned Bank of Baroda from onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.

Bank of Baroda (Reuters file photo)
Bank of Baroda (Reuters file photo)

"The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application," it said in a statement.

Hindustan Times - your fastest source for breaking news! Read now.

The action, the RBI added, is based on certain material supervisory concerns observed in the manner of onboarding customers onto the application.

"Any further onboarding of customers of the bank on the 'bob World' application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI," it added.

The RBI further said the bank has been directed to ensure that existing 'bob World' customers do not face any disruption on account of this suspension.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News, Vijay Shekhar Sharma along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Thursday, February 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On