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2 mins read . 09 May 2024 . 01:13 PM
The Reserve Bank of India on Wednesday lifted restrictions on Bank of Baroda’s BOB World app with immediate effect, the bank said in an exchange filing. As a result, the bank will be allowed to onboard customers through its mobile app.
"We wish to inform that the 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 BoB World application in accordance with the applicable guidelines and extant laws /regulations”, the bank said.
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Following the restrictions, the bank had set up other channels for customer acquisition, the bank’s Managing Director and Chief Executive Officer Debadatta Chand told analysts after the third-quarter results.
In October 2023, the RBI directed the bank not to onboard customers through this mobile app due to certain material supervisory concerns regarding the manner of onboarding customers onto this mobile app.
Post this action, the bank witnessed some incremental impact on its retail business sourced through the digital platform. Around 98% of saving accounts and 91% of current accounts were sourced digitally in the first quarter of 2023-24. About 43% of time deposits and 74% of retail advances were sourced via the BOB World app, Business Standard reported citing analysts.