The Reserve Bank of India (RBI), on October 10 directed state lender Bank of Baroda to stop onboarding new customers through BoB World, the lender’s digital 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.
RBI also said that any further onboarding of customers of the bank on the application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI.In the release, RBI said that the customers, who have already been onboarded should not face any disruption.
“The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension,” RBI said.