RBI Allows Bank Of Baroda To Onboard New Customers On BoB World App
The Reserve Bank of India (RBI) has permitted Bank of Baroda to resume onboarding new customers through the 'BoB World'
RBI Allows Bank Of Baroda To Onboard New Customers On BoB World App
The Reserve Bank of India (RBI) has permitted Bank of Baroda to resume onboarding new customers through the 'BoB World' application, over six months after imposing restrictions due to significant supervisory concerns. The RBI had imposed restrictions on the state-owned Bank of Baroda (BoB) on October 10, 2023, prohibiting the onboarding of new customers via its mobile app 'BoB World'.
In a regulatory filing, the lender stated, "We wish to inform that the RBI, through its letter dated May 8, 2024, has communicated its decision to lift the aforementioned restrictions on BoB World with immediate effect. Consequently, the bank is now permitted to onboard customers through the BoB World application in compliance with the applicable guidelines and existing laws or regulations."
The bank stated that it will now resume onboarding new customers on the BoB World application, emphasizing its commitment to ensuring adherence and compliance with regulatory guidelines.
Last week, the RBI removed restrictions on Bajaj Finance regarding the sanctioning and disbursal of loans through eCOM and Insta EMI Card.
Previously, the RBI had imposed restrictions on Kotak Mahindra Bank, prohibiting the onboarding of new customers via online and Mobile Banking platforms and ceasing the issuance of fresh Credit Cards with immediate effect following scrutiny.
In December 2020, the RBI prohibited HDFC Bank from issuing new cards and introducing new digital initiatives due to recurring technical outages. Subsequently, after HDFC Bank took remedial measures, the RBI Partially lifted the ban on card issuances in August 2021. However, the restriction on launching new technology initiatives remained until 2022.