RBI allows Bank of Baroda to resume onboarding via ‘Bob World’ mobile app

Reserve Bank of India, on May 8, lifted the restrictions on Bank of Baroda, allowing the bank to resume onboarding new customers through its ‘Bob World’ mobile application.

“The bank remains committed to ensure adherence and compliance of regulatory guidelines,” it said.

The central bank had in in October 2023 directed the public sector lender to suspend any further onboarding of customers onto its ‘Bob World’ mobile application, based on certain supervisory concerns observed in the bank’s mobile banking onboarding processes.

• Also read: Bank of Baroda raises MCLR by 5 bps across four tenors

Reports had then suggested that certain branch employees in several geographies tampered with customer accounts and linked details of multiple accounts--including unrelated mobile numbers--to boost the number of mobile registrations.

However, Bank of Baroda had denied the reports, saying that it has taken corrective action to rectify the concerns highlighted by RBI and is working on further strengthening the system. The lender also terminated certain people at the branch level and Chief Digital Officer Akhil Handa.

COMMENT NOW