Mumbai (Maharashtra) [India], October 10 : The Reserve Bank of India (RBI) has directed the Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application.
The central bank in a statement Tuesday said the action was based on "certain material supervisory concerns" observed in the manner of onboarding of their customers onto the bank's mobile application.
"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.
RBI directed Bank of Baroda to ensure that already onboarded 'bob World' customers do not face any disruption on account of this suspension.
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