RBI now lifts curbs on BoB World App
Mumbai: The Reserve Bank of India ( RBI) Wednesday lifted a ban imposed on the Bank of Baroda (BoB), which was barred from onboarding customers through its mobile banking application.
Government-owned BoB told stock exchanges that the RBI, in a letter dated May 8, conveyed the decision to lift the
Government-owned BoB told stock exchanges that the RBI, in a letter dated May 8, conveyed the decision to lift the
restrictions on 'BoB World' with immediate effect.
"The bank will now resume onboarding new customers in the Bob World application. "The bank remains committed to ensure adherence and compliance of regulatory guidelines," the bank stated.
On October 10, the RBI directed the bank to suspend with immediate effect any further onboarding of customers onto its mobile app 'Bob World'. The RBI stated that their action was based on "certain material supervisory concerns observed in the manner of onboarding of customers onto this mobile application".
"The bank will now resume onboarding new customers in the Bob World application. "The bank remains committed to ensure adherence and compliance of regulatory guidelines," the bank stated.
On October 10, the RBI directed the bank to suspend with immediate effect any further onboarding of customers onto its mobile app 'Bob World'. The RBI stated that their action was based on "certain material supervisory concerns observed in the manner of onboarding of customers onto this mobile application".
The regulator added, "Any further onboarding of bank customers 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."
Last week, the central bank partially lifted restrictions on two lending products of Bajaj Finance.
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