Mumbai: The Reserve Bank of India (RBI) has taken a step to prohibit new customers from joining the Bank of Baroda’s mobile application, ‘BoB World.’ In a statement issued by the RBI, it has ordered the immediate suspension of the ‘BoB World’ application under its authority granted by Section 35A of the Banking Regulation Act, 1949.
However, it’s important to note that this ban does not impact existing ‘BoB World’ customers. The decision to ban new customers from using the app is rooted in specific supervisory concerns related to the process of customers signing in through this mobile application.
On October 10, the Reserve Bank of India directed the Bank of Baroda to cease onboarding new customers through the ‘BoB World’ application, a digital banking offering by the bank.
In response to the RBI’s directive, Bank of Baroda released a statement indicating that it has taken corrective measures to address the concerns raised by the RBI. The bank has initiated additional steps to rectify any remaining issues that were identified. Also, Bank of Baroda has reassured its existing customers that they will not experience any disruption and can continue to access uninterrupted services on the ‘BoB World’ mobile app.