The Reserve Bank of India (RBI) has directed Bank of Baroda to halt onboarding new customers to its mobile banking facility, ‘bob World,’ citing material supervisory concerns in the onboarding process. The suspension will remain in effect until the identified deficiencies are rectified to RBI standards. Bank of Baroda assured existing customers that services on the mobile app will continue without disruption. The RBI’s move comes during the festive season when digital transactions typically increase. Bank of Baroda stated that corrective measures are underway and that it does not expect a significant impact on its overall business and growth plans.
RBI Suspends Bank of Baroda from Adding New Customers to ‘bob World’ Mobile App
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