RBI lifts restrictions on adding customers on Bank of Baroda’s mobile app

The Reserve Bank of India on Wednesday lifted restrictions imposed on Bank of Baroda in October last year, allowing the public sector lender to onboard customers to its mobile banking app, bob World. “We wish to inform that the RBI, vide its letter dated 8 May 2024, conveyed to the bank its decision to lift the above mentioned restrictions on bob World with immediate effect, as such the bank is free to onboard customers through bob World application in accordance with the applicable guidelines and extant laws, regulations,” the lender said in a regulatory filing. The bank will now resume onboarding new customers to the bob World application and “remains committed to ensure adherence and compliance of regulatory guidelines”. In October last year, the RBI, under section 35A of the Banking Regulation Act, had barred the bank from onboarding new customers on its bob World mobile app due to certain “material supervisory concerns observed in the manner of onboarding customers onto this mobile application.” Read This | App fiasco: Bank of Baroda tells branches to retrieve consent forms “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.