The Bank of Baroda has announced that the Reserve Bank of India (RBI) has withdrawn its previous directive that suspended onboarding new customers on the bank’s mobile application, ‘Bob World’.
This suspension, initially imposed due to supervisory concerns observed in the bank’s mobile banking onboarding processes, was communicated through a directive from the RBI on October 10, 2023.
As per the latest communication from the RBI, the restrictions have been lifted, allowing the Bank of Baroda to resume adding new customers to the ‘Bob World’ app with immediate effect. This decision aligns with the bank’s adherence to applicable guidelines and existing regulations.
The Bank of Baroda has reaffirmed its commitment to ensuring compliance with regulatory standards and guidelines.
