RBI Lifts Restrictions On Bank of Baroda's 'Bob World' App

RBI Lifts Restrictions On Bank of Baroda's 'Bob World' App

Earlier, the RBI has asked the bank to halt any new customer sign-ups due to concerns about the onboarding process.

Oliviya KunjumonUpdated: Wednesday, May 08, 2024, 07:14 PM IST
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RBI Lifts Restrictions On Bank of Baroda's 'Bob World' App | File Photo

After a brief pause, the Reserve Bank of India (RBI) on Wednesday, May 8 lifted the restriction imposed on Bank of Baroda's 'Bob World', a mobile application.

Earlier in October 2023, the RBI has asked the bank to halt any new customer sign-ups due to concerns about the onboarding process.

After the RBI's recent decision, the bank can now resume adding new customers through the Bob World app, following all the rules and regulations laid out by the authorities.

"Now, We wish to inform that the RBI, vide its letter dated 8th May 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 /regulations," Bank of Baroda added in the regulatory filing.

"The Bank will now resume onboarding new customers in the Bob World application. The Bank remains committed to ensure adherence and compliance of regulatory guidelines," said in the BSE exchange filings.

Bank of Baroda shares

The shares of Bank of Baroda on Wednesday at 3:30 pm IST closed at Rs 262.90, up by 1.49 per cent.

About Bob World

The Bob Mobile application was launched by Bank of Baroda in September 2021, offering digital banking services with ease. Through Bob World, customers can make UPI payments mode, recharge your mobile / DTH, pay bills, IPO bid acceptance, ICCW Scan ATM QR for cash withdrawal, Fund transfer, make instant payment at retail stores and so. To access the service, customers have to link their bank account on this app with their registered mobile number.

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