New Delhi: The Reserve Bank of India (RBI) has lifted the ban on Bank of Baroda’s BoB World application with immediate effect on Wednesday after the remedial steps taken by the bank.
The Bank will now resume onboarding new customers in the Bob World application. The development comes six months after the ban was imposed.
Bank of Baroda said, “We wish to inform that the RBI, vide its letter dated May 8, 2024, conveyed to the bank its decision to lift the above-mentioned restrictions on Bob World with immediate effect as such the bank is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws or regulations.”
The BoB World app was first launched in September 2021 to provide all its digital banking services under one roof, for its customers. The RBI, in October 2023, directed the Bank of Baroda to suspend further onboarding of customers onto its “Bob World’ mobile application, based on certain supervisory concerns.
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