Mumbai, Oct 10 The Reserve Bank of India (RBI) has directed 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. 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," the central bank said in a statement issued on Tuesday.
The bank has been further directed to ensure that already onboarded 'bob World' customers do not face any disruption on account of this suspension.
The bob World mobile app was introduced by the Bank of Baroda for mobile banking applications such as transferring funds within the same savings account, transferring funds to any other bank accounts or through the NEFT and IMPS facility.
It also enables customers to pay mobile and DTH bills.
Besides customers can get a mini statement of their or check their balance through the app.
Bank of Baroda on its part, has issued a statement saying: "Further onboarding of customers on the “bob World” application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI."
While the bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction, the statement further said.
"We would also like to assure all our existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app," the statement added.
Bank of Baroda also said that it did not expect the RBI action to have a material impact on the its overall business and growth plans.
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