Bank of Baroda (BoB) Announces Corrective Measures Following RBI's 'Bob World' Mobile App Ban

A day after the Reserve Bank of India (RBI) banned the Bank of Baroda (BoB) from onboarding new customers on its “Bob World” mobile app, BoB announced that corrective measures have been undertaken to restore the app”s proper functioning. The bank assured that existing customers will not face any obstacles and will continue to enjoy hassle-free services on the mobile app.

The RBI”s ban on customer onboarding through the “BOB World” app was based on certain material supervisory concerns observed during new customer onboarding. The central bank stated, “Any further onboarding of the bank”s customers on the “Bob World” application will be subject to rectification of the deficiencies observed and strengthening of the processes to the satisfaction of the RBI.”

BoB acknowledged this directive and stated, “We would like to inform that the Reserve Bank of India, through its Press Release no. 2023-2024/1083 dated 10th October 2023, has directed Bank of Baroda to suspend immediately any further onboarding of customers onto its ‘Bob World’ mobile application based on supervisory concerns observed in the bank”s mobile banking onboarding processes. Further customer onboarding on the “Bob World” app will be subject to strengthening of processes to the satisfaction of the RBI.”

The bank also mentioned that corrective measures have already been initiated, and they will collaborate with the RBI to address their concerns as quickly as possible. They emphasized that this order does not impact the bank”s other digital banking channels, such as net banking, WhatsApp banking, debit cards, ATMs, etc., for servicing existing customers and onboarding new customers.

Bank of Baroda (BOB) is the second-largest bank in India, following the State Bank of India (SBI). It was reported on Tuesday that BOB may utilize infrastructure bond issuance to raise Rs. 10,000 crore ($1.35 billion) to finance infrastructure and affordable housing.