RBI directs Bank of Baroda to suspend further onboarding of customers onto its 'bob World' mobile app

The Reserve Bank of India has vide its Press Release no. 2023-2024/1083 dated 10th October 2023, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the "bob World" application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI.

While the Bank has already carried out corrective measures to address the concerns of the RBI, it has initiated further steps to plug any remaining gaps identified and it will work closely with the RBI to address their concerns at the earliest to their satisfaction.

The bank has assured all its existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank's bob World mobile app. 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.

The bank has reassured all its customers that the 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 does not expect this action to have a material impact on the Bank's overall business and growth plans. The bank also reaffirmed its commitment in providing our customers with the best banking products, services and experience.

Shares of Bank of Baroda was last trading in BSE at Rs. 214.20 as compared to the previous close of Rs. 211.75. The total number of shares traded during the day was 568911 in over 5957 trades.

The stock hit an intraday high of Rs. 214.50 and intraday low of 211.85. The net turnover during the day was Rs. 121388200.00.

Source : Equity Bulls

Keywords

BankofBaroda INE028A01039 RBI Suspension OnboardingofCustomers bobWorld MobileApp