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RBI removes ban on Bank of Baroda Mobile App


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The Reserve Bank of India (RBI) has removed restrictions imposed on Bank of Baroda’s (BOB) mobile application, BOB World. The lifting of the restriction applies to the public sector lender with immediate effect. BOB informed the stock exchanges about this development on May 8th.

In an exchange filing, the bank said, “The Reserve Bank, vide a letter dated May 8, conveyed to us its decision to lift the restrictions on Bob World with immediate effect. As such the bank is free to onboard customers through this app in accordance with the applicable guidelines and extant regulations.”

Background on the Restriction

In October 2023, the RBI directed BOB to suspend further onboarding of customers onto the BOB World mobile application due to “certain material supervisory concerns” observed in the onboarding processes. The RBI’s action was prompted by reports of tampering with customer accounts and linking contact details of different people to increase the number of mobile application registrations.

Corrective Measures Taken by BOB

Following the RBI’s directive, BOB clarified that it has carried out corrective measures to address the concerns highlighted by the RBI. The bank has also taken further steps to plug any remaining gaps.

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