RBI orders Bank of Baroda to suspend onboarding customers on bob World app

Mumbai: The Reserve Bank of India (RBI) on Tuesday ordered state owned lender Bank of Baroda to suspend further onboarding new customers on “bob World”, its mobile banking application.

“Bank of Baroda 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,” the central bank said in a press release.

“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 bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension,” said the central bank.

Following the RBI direction, the Bank of Baroda released a clarification stating it has already carried out corrective measures to address the concerns highlighted by the RBI and is taking further steps to plug any remaining gaps. “While 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 and we will work closely with the RBI to address their concerns at the earliest to their satisfaction,” said the Bank of Baroda.