The Reserve Bank of India (RBI) has barred Bank of Baroda from onboarding new customers on its mobile app 'bob World' following material supervisory concerns. This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile 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. The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
