The Reserve Bank of India (RBI) has ordered Bank of Baroda (BoB) to suspend further customer onboarding on its ‘bob World’ mobile app with immediate effect, citing material supervisory concerns. 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,'' said the RBI in a circular.
Bank Of Baroda has assured its customers that they will not face any disruption and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app. "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. Further, this order does not impact any of the Bank’s other Digital Banking channels such as Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. for servicing its existing customers as well as for onboarding of new customers," it said. The Bank has also emphasised that its Mobile Banking application is fully secure with robust security controls and features. "The Bank has always endeavoured to provide seamless digital banking services to its customers and over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features," BoB said.