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RBI restricts new members in Bank of Baroda app
October 11, 2023
The Reserve Bank of India (RBI) has told Bank of Baroda to stop adding new customers to its ‘bob World’ mobile app immediately. RBI did this because they found some problems with how the bank was adding customers to the app. Bank of Baroda needs to fix these issues before they can add more customers. The bank also has to make sure that the existing customers using ‘bob World’ app won’t have any problems because of this.
“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” RBI said.
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