The Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda’s BoB World app.
RBI has allowed the Bank of Baroda’s BoB World app to onboard customers.
In October 2023, the RBI directed the Bank of Baroda to suspend any onboarding of customers onto its ‘BoB World’ mobile application due to certain supervisory concerns.
Before the ban (September 2023), the app saw 7.95 million daily transactions which dropped to 7.19 million by December 2023 (post-ban).
The percentage of fixed deposits (FDs) and recurring deposits (RDs) opened through Bob World also declined.
As per the RBI directive, the Bank of Baroda has implemented corrective actions to rectify the issues.
Bank of Baroda has improved its security procedures for onboarding new customers.
