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The Reserve Bank of India (RBI) has directed Bank of Baroda to immediately suspend further onboarding of customers onto its mobile application ‘bob World’.
This action has been taken under Section 35A of the Banking Regulation Act, 1949 in view of material supervisory concerns observed in the onboarding process of the bank’s customers. The RBI has stated that any future onboarding will only be permitted after rectification of the deficiencies and strengthening of the related processes to its satisfaction.
The bank has been instructed to ensure that existing ‘bob World’ customers continue to access services without disruption despite this suspension.
[RBI]