RBI orders Bank of Baroda to stop onboarding new customers through BoB World app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop onboarding new customers through its digital banking application BoB World. This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. The Bank of Baroda has already carried out corrective measures to address the concerns highlighted by the RBI and taking further steps to plug any remaining gaps. 

RBI also said that any further onboarding of customers of the bank on the application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI. In the release, RBI said that the customers, who have already been onboarded should not face any disruption. 

The statement from BoB read: “While the Bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction.” 

“The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension,” RBI said.