In a recent move, the Reserve Bank of India (RBI) has instructed the state-owned Bank of Baroda to immediately cease adding new customers to its mobile application, 'bob World'. The directive, issued under Section 35A of the Banking Regulation Act, 1949, was announced on Tuesday due to significant supervisory concerns and recognized deficiencies in the app's customer onboarding process.
The central bank's intervention requires the Bank of Baroda to address these issues and improve related procedures until they meet RBI's standards. Only then can it resume adding customers to the mobile application. This step is crucial in ensuring that the bank adheres to the regulatory standards set by the RBI to protect customers and maintain market integrity.
While this suspension is in effect, the Bank of Baroda has been tasked with ensuring that existing 'bob World' users do not experience any disruptions.
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