In a setback for Bank of Baroda, the Reserve Bank of India (RBI) on Tuesday directed the Public Sector Bank to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application.
“This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. Any further onboarding of customers of the bank 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,” the central bank notified.
RBI has exercised its power under section 35A of the Banking Regulation Act, 1949.
The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.
(This is a developing story)
