The RBI Has Lifted the Ban on Bob World App, Allowing the Bank to Accept New Customers. See Details Here
More than six months after restricting serious supervisory concerns, the Reserve Bank of India (RBI) on Wednesday permitted the Bank of Baroda to onboard new clients using the ‘Bob World’ application.
On October 10, 2023, the RBI placed restrictions on the state-owned Bank of Baroda (BoB) regarding the onboarding of new users using its mobile application, Bob World.
“We would like to notify you that the RBI has decided to lift the previously mentioned restrictions on Bob World, effective immediately. As a result, the bank can now onboard customers through the BoB World application in accordance with the relevant guidelines and current laws or regulations,” the lender stated in a BSE filing.
The bank said that it is now going to start onboarding new clients using the Bob World application and that it is still dedicated to making sure that regulatory rules are followed.
The RBI removed limits on Bajaj Finance’s ability to approve and disburse loans via eCOM and Insta EMI Cards last week.
Prior to this, the RBI had ordered Kotak Mahindra Bank to cease issuing new credit cards immediately after conducting an investigation and to stop accepting new clients via online and mobile banking systems.
Following many instances of technological breakdowns, the RBI prohibited HDFC Bank from issuing new cards and from launching new digital projects in December 2020.
In August 2021, the RBI partly removed the suspension on card issuances in response to corrective measures taken by HDFC Bank. But in 2022, the prohibition on starting new technological projects was repealed.
