The RBI has lifted restrictions on Bank of Baroda's BoB World mobile app

Description

The Reserve Bank of India (RBI) has announced the relaxation of limitations on Bank of Baroda's BoB World mobile application, allowing the bank to begin onboarding customers immediately. This move follows the RBI's October 2023 recommendation to cease client onboarding on the app due to supervisory concerns. Bank of Baroda has responded by implementing corrective actions to address these concerns.

Key Points: RBI's Decision

The RBI has relaxed limitations on Bank of Baroda's BoB World app, allowing the bank to register customers quickly.

Bank's Response

In accordance with regulatory rules, Bank of Baroda has certified its preparedness to commence new customer onboarding via the BoB World application.

Previous Directive

In October 2023, the RBI asked Bank of Baroda to cease customer onboarding on the BoB World app due to specific supervisory concerns.

Corrective Actions

Bank of Baroda has implemented corrective actions to address the shortcomings raised by the RBI, ensuring compliance with regulatory standards.

Immediate Effect

The RBI's relaxation of limitations takes effect immediately, allowing Bank of Baroda to proceed with customer onboarding via the BoB World app in compliance with applicable rules and regulations.

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