Mumbai: On Wednesday, the Reserve Bank of India (RBI) overturned a prohibition that prevented the Bank of Baroda (BoB) from accepting new users via its mobile banking app.
The government-owned BoB informed stock markets that the RBI had decided to remove the limitations on “BoB World” immediately in a letter dated May 8.
“The bank is committed to ensuring adherence and compliance of regulatory guidelines,” the bank said. “The bank will now resume onboarding new customers in the Bob World application.”
The Reserve Bank of India (RBI) ordered the bank on October 10 to stop accepting new users for its mobile app, Bob World, immediately. According to the RBI, “certain material supervisory concerns observed in the manner of onboarding of customers onto this mobile application” were the basis for their action.
It stated, “Any further onboarding of bank customers on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI.”
The central bank partially removed limitations on two of Bajaj Finance’s lending products last week.
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