RBI bans Bank of Baroda from onboarding new customers on its mobile app

The Reserve Bank of India on Tuesday barred state-owned Bank of Baroda from onboarding new customers on its mobile app ‘bob World’ following material supervisory concerns.

Responding to the RBI’s directions, the state-owned lender said it has already carried out corrective measures to address the concerns of the central bank, and has initiated further steps to plug any remaining gaps.