rbi-lifts-ban-on-bank-of-baroda-s-bob-world-app-after-six-months

Bank of Baroda announced on Wednesday that the Reserve Bank of India (RBI) has lifted its ban on the BoB World app, allowing the bank to resume customer onboarding through the platform. The ban had been imposed six months prior, in October 2023, when the RBI cited "certain material supervisory concerns" during an inspection of the bank's processes.

 

Following the RBI's directive, the Bank of Baroda took corrective measures, including operational changes and the dismissal of Chief Digital Officer Akhil Handa. The RBI's decision to lift the ban comes after the bank addressed the concerns raised by the regulator.

 

In a regulatory filing, the Bank of Baroda stated that the RBI conveyed its decision to lift the restrictions in a letter dated May 8, 2024. The bank emphasised that it is now free to onboard customers through the BoB World application, ensuring compliance with relevant guidelines and regulations.

 

BoB World, introduced in September 2021, consolidates all digital banking services for Bank of Baroda customers into a single platform.