RBI bans Bank Of Baroda “BOB World Mobile App” from onboarding new customer. Know the impact on existing customer.

Last Updated on October 11, 2023 by Brajesh

“BOB World Mobile App” banned by RBI from onboarding any new customer

Reserve Bank OF India banned Bank Of Baroda with immediate effect from Onboarding new customer through “BOB World Mobile App” due to major supervisory concerns.

RBI in its statement has mentioned “The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,”

RBI has noted major supervisory concern in the BOB world mobile app, while onboarding their customers through this app, hence directed state owned bank to stop onboarding new customers.

RBI stated that “Any further onboarding of customers of the bank 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,”

Bank Of Baroda reply to RBI

Responding to Reserve Bank Of India direction, the state-owned lender said it has already carried out corrective measures to address the concerns of the central bank, and has initiated further steps to plug any remaining gaps.

BOB while filing to exchange has mentioned “We will work closely with the RBI to address their concerns at the earliest to their satisfaction”.

Impact on already onboarded customer through “BOB World Mobile App”

Bank of Baroda as a measure has ensured that none of the customer will face any disruption and continue to experience uninterrupted services on the mobile app.

BOB stated in its statement “Further, this order does not impact any of the bank’s other digital banking channels such as net banking, WhatsApp banking, debit cards, ATMs, etc, for servicing its existing customers as well as for onboarding of new customers,” .

Going by above existing customer of Bank OF Baroda who were already onboarded through BOB World Mobile App should not face any disruption further other application like Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. will continue to function seamlessly.

Existing Customer can conclude that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the mobile application.

Statement of assurance by BOB to its customers

“We would like to reassure all our customers that our Bank’s Mobile Banking application is fully secure with robust security controls and features. The Bank has always endeavoured to provide seamless digital banking services to its customers and over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features,” the Bank of Baroda added.

RBI direction to BOB

20 carat gold price today I 24 Carat Gold Price Today | 20 Carat Gold Price Today (10th October 2023)

Leave a Comment