The Reserve Bank of India (RBI) has announced the lifting of restrictions on Bank of Baroda’s BoB World mobile application, permitting the bank to onboard customers immediately. This decision follows the RBI’s directive in October 2023 to suspend customer onboarding on the app due to supervisory concerns. Bank of Baroda, in response, has undertaken corrective measures to address these concerns.
Key Points
RBI’s Decision
The RBI has lifted restrictions on Bank of Baroda’s BoB World app, enabling the bank to onboard customers through the application without delay.
Bank’s Response
In compliance with regulatory guidelines, Bank of Baroda has confirmed its readiness to resume onboarding new customers through the BoB World application.
Previous Directive
In October 2023, the RBI directed Bank of Baroda to suspend customer onboarding on the BoB World app, citing specific supervisory concerns.
Corrective Actions
Bank of Baroda has implemented corrective measures to rectify the issues highlighted by the RBI, ensuring adherence to regulatory standards.
Immediate Effect
The lifting of restrictions by the RBI takes immediate effect, allowing Bank of Baroda to proceed with customer onboarding through the BoB World app in accordance with applicable laws and regulations.
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