BIG NEWS
- Raghav Chadha & six MPs join BJP as Rajya Sabha chairman clears merger
- 30 students suspended for ‘defaming’ Hansraj College online, using ‘derogatory’ language
- ‘Hope of receiving justice shattered’: Kejriwal writes to judge Swarana Kanta, to skip HC hearing
- NIA registers case to probe recovery of 79 crude bombs in poll-bound West Bengal
- Severe heatwave grips UP; rainfall likely from April 28
- Relieved Prez Trump unharmed after security incident in Washington: PM Modi
- Raghu Rai, renowned photographer who captured India in iconic frames, dies at 83
- Shots fired during White House Correspondents' Dinner, Trump evacuated
- Govt reconstitutes Niti Aayog
- Russian attacks kill five people, leaving at least 34 injured in Ukraine’s Dnipro
RBI bars Bank of Baroda from onboarding fresh customers on its mobile app 'bob World'
Public Lokpal
October 10, 2023
RBI bars Bank of Baroda from onboarding fresh customers on its mobile app 'bob World'
Mumbai : The Reserve Bank of India on Tuesday barred state-owned Bank of Baroda from onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.
"The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application," it said in a statement.
The action, the RBI added, is based on certain material supervisory concerns observed in the manner of onboarding customers onto the application.
"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," it added.
The RBI further said the bank has been directed to ensure that existing 'bob World' customers do not face any disruption on account of this suspension.
PTI
