RBI lifts restrictions on adding customers on Bank of Baroda's mobile app
barred the bank from onboarding new customers on its bob World mobile app due to certain “material supervisory concerns observed in the manner of onboarding customers onto this mobile 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. The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension," RBI had said in a press release last October.
Before the ban, the app handled 7.95 million financial and non-financial transactions daily, according to data as on 30 September 2023. This number came down to 7.19 million as of 31 December, as per the bank’s analyst presentation.
Between the end of 2021-22 and 2022-23, bob World’s activated user base shot up 53%, Mint had reported on 15 November. Milestone Alert!
Livemint tops charts as the fastest growing news website in the world
