RBI Directs Bank of Baroda to Suspend New Customer Sign-Ups on 'Bob World' Mobile App
RBI Directs Bank of Baroda – RB – Bank of Baroda -New Customer Sign-Ups – Suspend New Customer Sign-Ups on Bob World – Mobile App – taxscan
RBI Directs Bank of Baroda – RB – Bank of Baroda -New Customer Sign-Ups – Suspend New Customer Sign-Ups on Bob World – Mobile App – taxscan
The Reserve Bank of India (RBI) has directed the Bank of Baroda to suspend the new customer onboarding on ‘Bob World’ mobile application. In accordance with the authority vested in it by section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has issued a directive to Bank of Baroda, mandating the immediate suspension of any additional customer onboarding onto the 'bob World' mobile application. This regulatory action has been prompted by the RBI's identification of specific supervisory concerns related to the procedures for bringing customers onto the mobile application.
The suspension on further customer onboarding onto the 'bob World' application will persist until the identified deficiencies are rectified, and the associated processes are fortified to the satisfaction of the RBI. Bank of Baroda has also received instructions to ensure that existing customers already onboarded onto 'bob World' experience no disruption due to this suspension.
This RBI directive underscores the importance of adhering to stringent regulatory standards in the banking sector, especially concerning customer onboarding procedures and digital applications, with the overarching goal of safeguarding customer interests and maintaining the integrity of financial systems.
To Read the full text of the Order CLICK HERE
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