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Business News/ Money / Personal Finance/  RBI raps Bank of Baroda, suspends onboarding of customers on its app. Details here
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RBI raps Bank of Baroda, suspends onboarding of customers on its app. Details here

The decision was taken on account of a range of supervisory concerns that were observed in the manner of on-boarding of customers on ‘bob World’

The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption because this suspension.Premium
The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption because this suspension.

The Reserve Bank of India (RBI) has directed Bank of Baroda to suspend further onboarding of customers on the ‘bob World’ mobile application. The action is based in view of the manner of on-boarding of their customers on this app, leading to some supervisory concerns.

This was announced via a press release issued by the RBI on Tuesday evening.

The notice further mentions that any further onboarding of customers of the bank on this app can take place only after the deficiencies — observed with regards to strengthening of the related processes — are rectified by the state lender to the satisfaction of the RBI.

Existing users

However, this does not mean that the current customers will face any kind of inconvenience or disruption.

The bank has been further directed, states the press release, to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.

This effectively means if you are a Bank of Baroda customer, your services on their app will continue to remain the same and any transaction or dealing with the bank will continue to be the way it existed earlier.

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These are the RBI's monetary policy instruments.

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Published: 11 Oct 2023, 09:28 AM IST
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