Bank of Baroda share price falls 4% after RBI ban on customer onboarding on app
₹209.60 against the previous close of ₹214.20 and fell 3.7 per cent to its intraday low of ₹206.25 on BSE. As Mint reported earlier, the RBI ordered Bank of Baroda (BoB) to suspend further customer onboarding on its ‘bob World’ mobile app immediately, citing material supervisory concerns.
The central bank further directed the PSU to ensure that already onboarded ‘bob World’ customers do not face any disruption due to the suspension. Also Read: RBI orders Bank of Baroda to suspend further customer onboarding on ‘bob World’ mobile app The bank, however, later issued a clarification that it was taking corrective measures to address the deficiencies.
“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 company said. Also Read: Bank of Baroda issues clarification after RBI bars PSU bank from onboarding new customers through BoB World (Exciting news! Mint is now on WhatsApp Channels.
Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Bank of Baroda share price has gained about 61 per cent in the last one year against a 16 per cent gain in the equity benchmark Sensex. Brokerage firm Motilal Oswal Financial Services has a buy call on the stock with a target price of ₹240, implying a 12 per cent upside potential.
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