Bank of Baroda’s BoB World out of the woods as RBI lifts restriction
Reserve Bank of India (RBI) has lifted its ban on BoB World and the bank has now been allowed to onboard customers through the app, Bank of Baroda said.
RBI has lifted the restriction with immediate effect, the bank stated in an exchange filing.
The development comes six months after the ban was imposed.
BoB World, which was first launched in September 2021, provides all its digital banking services under one roof, for its customers.
The RBI had in October 2023 directed the public sector bank to suspend further onboarding of customers on the Bob World mobile app due to ‘certain material supervisory concerns‘ observed during the regulator’s inspection of the bank’s processes.
The Bank of Baroda had subsequently taken out corrective measures to address the concerns highlighted by the RBI.
These included various steps at the field and corporate office, including the sacking of Chief Digital Officer Akhil Handa.
“We wish to inform you that the RBI, vide its letter dated May 8, 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 the BoB World application in accordance with the applicable guidelines and extant laws or regulations,” Bank of Baroda said in a regulatory filing.
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