RBI lifts restrictions on Bank of Baroda's 'Bob World' mobile app, allows onboarding customers

May 8, 2024

Synopsis
The Reserve Bank of India (RBI) has lifted restrictions on Bank of Baroda's Bob World app, allowing the bank to onboard customers through the application immediately.

The Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda's Bob World app with immediate effect, allowing it to onboard customers, the bank said in the exchange filing.

The bank said, "We wish to inform that the RBI conveyed to the Bank its decision to lift the restrictions on Bob World with immediate effect, as such the bank is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws /regulations."

"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 filing said.

Earlier in October 2023, the RBI directed the Bank of Baroda to suspend any onboarding of customers onto its 'Bob World' mobile application, based on certain supervisory concerns.

Later in response to directives from the RBI, Bank of Baroda affirmed that it had implemented corrective actions to rectify the issues raised by the RBI.

[The Economic Times]