The bank will now resume onboarding new customers in the Bob World application
FinTech BizNews Service
Mumbai, May 8, 2024: The RBI, vide its letter dated 8th May 2024, has conveyed to the Bank of Baroda its decision to lift the restrictions about onboarding of customers on Bob World with immediate effect, the bank said in its Exchange filing today. Reserve Bank of India had directed Bank of Baroda in October 2023 to suspend, with immediate effect, any further onboarding of customers onto its 'Bob World' mobile application, based on certain supervisory concerns that RBI observed in the bank's mobile banking onboarding processes.
The bank further said in the filing that it is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws / regulations. The bank will now resume onboarding new customers in the Bob World application. The bank remains committed to ensure adherence and compliance of regulatory guidelines. This is pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.