RBI Lifts Ban on BoB World: Bank of Baroda Allowed To Onboard Customers Via App As Reserve Bank of India Raises Restriction on Bank's Mobile Application

Mumbai, May 8: Bank of Baroda said on Wednesday that the RBI has lifted its ban on BoB World and the bank has now been allowed to onboard customers through the app. The bank has stated in an exchange filing that the RBI has lifted the restriction with immediate effect. The development comes six months after the ban was imposed.

The RBI had in October 2023 directed the public sector bank to suspend further onboarding of customers on Bob World mobile app due to 'certain material supervisory concerns' observed during the regulator's inspection of the bank's processes. UPI Services Down? SBI, HDFC Bank and Bank Of Baroda Customers Face Issues While Making UPI Payments on First Day of New Financial Year.

The Bank of Baroda had subsequently taken out corrective measures to address the concerns highlighted by the RBI. These included various steps at the field and corporate office, including the sacking of Chief Digital Officer Akhil Handa. RBI New Website and Application Launched: Reserve Bank of India Governor Shaktikanta Das Releases New Website and Mobile App.

"We wish to inform that the RBI, vide its letter dated May 8, 2024, conveyed to the bank its decision to lift the above-mentioned 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 or regulations," Bank of Baroda said in a regulatory filing. BoB World, which was first launched in September 2021, provides all its digital banking services under one roof, for its customers.

(The above story first appeared on LatestLY on May 08, 2024 08:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).