The Reserve Bank of India (RBI) lifted the restriction on Bank of Baroda (BoB)'s mobile banking application ‘BoB World’ with immediate effect.

Banking & Finance

The Reserve Bank of India (RBI) lifted the restriction on Bank of Baroda (BoB)'s mobile banking application ‘BoB World’ with immediate effect. The ban on bob World was imposed after the RBI said it found lapses in the process followed by the lender in onboarding customers through the mobile app. In October 2023, the RBI directed the government-owned Bank of Baroda to suspend any further onboarding of their customers onto the ‘bob World’ mobile application. The banking sector regulator said that any further onboarding of customers of the bank on the application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank. The lender was also directed to ensure that the already onboarded ‘bob World’ customers do not face any disruption on account of suspension.


      The RBI action on Bank of Baroda came after it found certain material supervisory concerns observed in the manner of onboarding of their customers through bob World.

     

     

 

     


Bank of Baroda

Founded- July 1908; HQ- Vadodara
MD&CEO- Debadatta Chand
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