Bank of Baroda issues clarification after RBI bars PSU bank from onboarding new customers through BoB World mobile app

livemint.com:

Bank of Baroda said corrective measures were being taken to address the deficiencies. “We would like to inform, in pursuance of the above LODR Regulations, that the Reserve Bank of India has vide its Press Release no.

2023-2024/1083 dated 10th October 2023, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its ‘bob World’ mobile application, based on certain supervisory concerns that RBI had observed in the Bank’s mobile banking onboarding processes. Further onboarding of customers on the “bob World" application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI," BoB said in an exchange filing.

While 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, the lender added. The PSU bank assured that existing customers 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 netbanking, WhatsApp banking, debit cards, ATMs, etc, for servicing its existing customers as well as for onboarding of new customers," the lender added. The bank does not expect the RBI's action to have a material impact on its overall business and growth plans.

The action, the RBI said is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. "Any further onboarding of customers of the bank on the 'bob World'