RBI has banned adding new customers on Bank of Baroda’s ‘BoB World’ mobile app. After this order, new customers will not be able to join the ‘Bob World’ app.
RBI: Reserve Bank of India (RBI) has taken major action against Bank of Baroda. RBI has banned adding new customers on Bank of Baroda’s ‘BoB World’ mobile app. BoB has been banned from adding new customers with immediate effect. After this order, new customers will not be able to join the ‘Bob World’ app.
RBI said in a tweet, action has been taken against Bank of Baroda under Section 35A of the Banking Regulation Act, 1949. RBI directed Bank of Baroda to suspend further entry of its customers on ‘Bob World’ mobile application with immediate effect.
Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949https://t.co/Eh7JoUGhOj
— ReserveBankOfIndia (@RBI) October 10, 2023
This action is based on some material concerns we observed about the way we engage our customers on this mobile application. Further participation of the Bank’s customers on the ‘Bob World’ application will be subject to rectification of the deficiencies observed to the satisfaction of RBI and strengthening of related processes by the Bank. The bank has been directed to ensure that already connected ‘Bob World’ customers do not face any inconvenience due to this suspension.