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

RBI lifts ban on Bank of Baroda's BoB World app after six months

Bank of Baroda announced on Wednesday that the RBI has lifted its ban on the BoB World app, permitting the bank to resume customer onboarding immediately, following the RBI's directive in October 2023 to suspend further customer onboarding due to supervisory concerns.

- Mumbai - UPDATED: May 9, 2024, 10:52 AM - 2 min read

RBI lifts ban on Bank of Baroda's BoB World app after six months

Following the RBI's concerns, Bank of Baroda implemented corrective measures, which involved undertaking various steps at both field and corporate levels, including the dismissal of Chief Digital Officer Akhil Handa.

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.