Category : Business and economicsPublished on: May 11 2024
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The Reserve Bank of India (RBI) on Wednesday (May 8) lifted the restriction on Bank of Baroda (BoB) that barred the public sector lender from onboarding customers through its mobile banking application ‘bob World’.
The ban on BoB World was imposed after the RBI said it found lapses in the process followed by the lender in onboarding customers through the mobile app.
The Reserve Bank of India (RBI) directed Bank of Baroda to suspend onboarding new customers onto its 'bob World' mobile application due to deficiencies observed in the onboarding process and related processes, as per Section 35A of the Banking Regulation Act, 1949.
The RBI's action followed the discovery of material supervisory concerns regarding the onboarding of customers through the 'bob World' app, with reports suggesting involvement of bank employees in fraudulent practices related to customer onboarding.
