The Reserve Bank of India on Tuesday barred state-owned BoB from onboarding new customers on its mobile app ‘bob World’ following material supervisory concerns.
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The Reserve Bank of India on Tuesday barred state-owned BoB from onboarding new customers on its mobile app ‘bob World’ following material supervisory concerns. “The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” the central bank had said in a statement.
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The action, the RBI had said was 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,” it added. BoB has been further directed to ensure that the already onboarded ‘bob World’ customers do not face any disruption.
