courtesy: business standard
The Reserve Bank of India has revised its decision of imposing restriction on BOB World, allowing it to onboard customers through the app, as informed by Bank of Baroda to stock exchanges on May 8.
The bank said that the lifting of restriction applies to PSU lender with immediate effect.
Back in October 2023, the banking regulator had directed the bank to suspend further onboarding of customers onto Bob World mobile application, citing ‘certain material supervisory concerns’ observed in the processes.
Post the RBI’s decision, the Bank of Baroda had clarified that it has carried out corrective measures to address the concerns highlighted by RBI, and is taking further steps to plug any remaining gaps. The bank has subsequently taken action on the field as well as corporate level, including the termination of Chief Digital Officer (CDO) Akhil Handa.
In July 2023, a media reports had alleged that the lender had linked contact details of different people, in order to increase the number of mobile application registrations, hence claiming the Bob World app to be tampering with customers’ accounts.