There is important news for millions of customers of Bank of Baroda. The Reserve Bank of India has barred the public sector Bank of Baroda from immediately adding new customers to its mobile app ‘Bob World’. This means new customers will not be able to join this app BoB. However, this will not affect the old customers of Bank of Baroda as the Reserve Bank has asked to ensure that the old customers of ‘Bob World’ do not face any problems.
Impact On These Customers
This will affect those customers of Bank of Baroda who have an account in the bank but are not connected to the ‘Bob World’ app. Apart from Internet banking, on this bank app, users get the facility of utility-related payments, tickets, IPO subscriptions, etc.
What Did RBI Say
The RBI said the action was taken following concerns about how customers were onboarded on the application. According to the statement issued by RBI, “The Reserve Bank of India, in the exercise of its authority under Section 35A of the Banking Regulation Act, 1949, has directed Bank of Baroda to immediately facilitate the process of adding more customers on the ‘Bob World’ mobile app and instructed to be suspended with effect. ”
The statement said that any process of onboarding the bank’s customers on the ‘Bob World’ app would take place only after the bank addresses the deficiencies identified and strengthens the related processes to the satisfaction of the RBI.
