RBI asks Bank of Baroda to suspend onboarding new customers via app

On October 10, Bank of Baroda, state lender, received a directive from the Reserve Bank of India (RBI) to suspend onboarding new customers using BoB World, the lender's online banking platform. 

“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,” the central bank said in a press release.

 

The Bank of Baroda issued a clarification in response to an instruction from the RBI, claiming that it had previously taken corrective action to address the issues raised by the RBI and was moving forward with additional actions to close any gaps that remained. The statement read: “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.”

RBI also said that any further onboarding of customers of the bank on the application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI.

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