RBI orders Bank of Baroda to halt customer onboarding on ‘bob World’ app

The central bank in a statement Tuesday said the action was based on "certain material supervisory concerns" observed in the manner of onboarding of their customers onto the bank's mobile application

Mumbai: The Reserve Bank of India (RBI) has directed the Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application.

The central bank in a statement Tuesday said the action was based on “certain material supervisory concerns” observed in the manner of onboarding of their customers onto the bank’s mobile application.

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“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,” RBI said.

RBI directed Bank of Baroda to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.

“The Bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction.

We would also like to assure all our existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app. Further, this order does not impact any of the Bank’s other Digital Banking channels such as Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. for servicing its existing customers as well as for onboarding of new customers.

We would like to reassure all our customers that our Bank’s Mobile Banking application is fully secure with robust security controls and features. The Bank has always endeavoured to provide seamless digital banking services to its customers and over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features.

We do not expect this action to have a material impact on the Bank’s overall business and growth plans. We reaffirm our commitment in providing our customers with the best banking products, services and experience. We request you to take a note of the above and upload the same on your website,” Bank of Baroda said in a statement.