Bank of Baroda (BoB) reacting on Reserve Bank of India’s circular prohibiting on-boarding of new customers said the bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified.
We will work closely with the RBI to address their concerns at the earliest to their satisfaction, the public sector bank said in a regulatory filing.
It is to be noted that in a surprising move, RBI directed Bank of Baroda to stop onboarding new customers through bob World.
Also Read: RBI directs Bank of Baroda to suspend further onboarding of customers on ‘bob World’
The Bank of Baroda’s super app serves as a comprehensive digital platform that offers a wide array of banking services; with a user base of 30 million it was growing annually at 41%.
No disruption for existing customers
The Public Sector Bank has also assured its existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app.
Further, this order (RBI’s direction) does not impact any of the Bank’s other Digital Banking channels such as Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. for servicing its existing customers as well as for onboarding of new customers.
We would like to reassure all our customers that our Bank’s Mobile Banking application is fully secure with robust security controls and features, it said.
Highlighting the work done to make its technology robust, BoB said the Bank has always endeavoured to provide seamless digital banking services to its customers.
Over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features, it said.
Also Read:What is bob World? The Super App now under RBI’s lense
Bank of Baroda has also affirmed that RBI’s action will not to have a ‘material impact’ on the Bank’s overall business and growth plans.
We reaffirm our commitment in providing our customers with the best banking products, services and experience, it said.
Over the past two years, Bank of Baroda has witnessed remarkable growth in bob World’s user base adding an astounding ten million new customers to the platform each year.
In July, a report by Al Jazeera accused the bank of tampering with the accounts to boost registrations on its mobile app.
Bank denied reports of tampering, and said ‘consent-based’ process is being followed.
“The bank reiterates that a full system authenticated, and customer consent-based process is currently being followed for undertaking any mobile banking app registrations in the bank. The bank has a current mobile banking activated user base of three crore customers, all of whom are linked to a unique mobile number seeded with their bank account,” it had said in a statement.
