Biggest news for Bank of Baroda customers, RBI took action and imposed this ban

Bank Of Baroda: There is important news for millions of customers of Bank of Baroda (BoB). The Reserve Bank of India i.e. RBI has ordered Bank of Baroda to suspend customer onboarding on ‘Bob World’ mobile app. This means that now new customers will not be able to join this app of BoB. However, this will not affect the old customers of Bank of Baroda as the Reserve Bank has asked to ensure that the old customers of ‘Bob World’ do not face any problems.

This will affect those customers of Bank of Baroda who have an account in the bank but are not connected to the ‘Bob World’ app. Apart from internet banking, on this app of the bank, users get the facility of utility related payments, tickets, IPO subscription etc.

The RBI said the action was taken following some concerns observed over the way customers were onboarded on the application. According to the statement issued by RBI, “The Reserve Bank of India, in exercise of its authority under Section 35A of the Banking Regulation Act, 1949, has directed Bank of Baroda to immediately facilitate the process of adding more customers on the ‘Bob World’ mobile app. Instructed to be suspended with effect. “Any process of onboarding the bank’s customers on the ‘Bob World’ app will take place only after the bank addresses the deficiencies identified and strengthens the related processes and to the satisfaction of the RBI,” the statement said.

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