RBI lifts ban on boarding of new customers on Bank of Baroda World app

New Delhi, May 09, 2024.

The Reserve Bank of India (RBI) on Wednesday allowed Bank of Baroda to onboard new customers through the ‘Bob World’ application, more than six months after it imposed restriction following material supervisory concerns.

The RBI had imposed restriction on state-owned Bank of Baroda (BoB) on October 10, 2023 from onboarding new customers on its mobile app ‘Bob World’.

“We wish to inform 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 Bob World application in accordance with the applicable guidelines and extant laws or regulations,” the lender said in a regulatory filing.

The bank will now resume onboarding new customers on the Bob World application, it said, adding that it remains committed to ensure adherence and compliance of regulatory guidelines.