BoB World Ban - Latest News Update, Information, Photos & Videos on BoB World Ban at Lokmat Times

RBI has removed the restrictions on Bank of Baroda's app after six months, which were initially imposed due to issues in the customer onboarding process. Following complaints about some bank employees using strangers' mobile numbers to meet mobile banking enrolment targets, RBI directed Bank of Baroda on Oct 10, 2023, to halt customer additions to its app 'Bob World.RBI conveyed to the bank its decision to lift the restrictions on Bob World with immediate effect, as such the bank is free to onboard customers through the application," the state-owned bank said in an exchange filing. It reiterated its commitment to ensuring adherence and compliance with regulatory guidelines. Bank of Baroda is the second-largest PSU bank and the third-largest state-owned bank in terms of active mobile banking customers.In its 2023 order, RBI had highlighted material supervisory concerns in the onboarding process, and had said that further onboarding will be subject to rectification of deficiencies. At the time of the ban, Bank of Baroda had said that it had started addressing RBI concerns on the HR side as well as in processes. The bank had also assured that it had measures in place to prevent multiple linkages of the app to a single mobile number. The 'Bob World' app is a primary channel for a large section of customers, facilitating account openings through video KYC. BoB World marked the first instance of RBI directing a bank to block the mobile banking channel for new customers. Earlier this month, RBI barred Kotak Bank from onboarding new customers digitally.

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National :BoB World Ban: RBI Lifts Curbs On Bank Of Baroda App After 6 Months

RBI has removed the restrictions on Bank of Baroda's app after six months, which were initially imposed due to ... ...