RBI orders Bank of Baroda to suspend further customer onboarding on ‘bob World’ mobile app

  • The central bank further directed the PSU to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of the suspension.

Livemint
First Published10 Oct 2023
A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi
A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi(REUTERS)

The Reserve Bank of India (RBI) ordered Bank of Baroda (BoB) to suspend further customer onboarding on its ‘bob World’ mobile app with immediate effect, citing material supervisory concerns. The  central bank further directed the PSU to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of the suspension.

‘’This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,'' said the RBI in a circular released on Tuesday, October 10.

Meanwhile, BoB on Monday, October 9, hiked the interest rates on fixed deposit (FD) rates by up to 50 basis points (bps) across various tenors for up to three years. These rates are applicable on deposits below 2 crore, with effect from October 9, 2023, according to the PSU bank.

Also Read: Bank of Baroda hikes fixed deposit interest rates by up to 50 bps across various tenors. Latest FD rates here

“We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3-year investment tenor, Senior Citizen depositors can now earn up to 7.90 per cent per annum, which is one of the best in the industry," said Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda.

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The Bank is offering interest rates of up to 7.40 per cent p.a for general citizens and up to 7.90 per cent p.a. for senior citizens. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80 per cent p.a. on non-callable deposits under the scheme.

On Tuesday, October 10, shares of BoB settled 1.16 per cent higher at 214.20 apiece on the BSE.

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