RBI Lifts Onboarding Ban for Bank of Baroda World App
Bank of Baroda (BoB) received good news as the Reserve Bank of India (RBI) lifted the ban on onboarding new customers onto its ‘bob World’ mobile banking application. The restriction, imposed last October due to supervisory concerns, has now been removed, allowing BoB to resume onboarding customers through the bob World app. As of the September 2023 quarter (before the RBI ban), the daily transactions, both financials and non-financials, on bob World were 7.95 million, which reduced to 7.19 million as of December 2023. Following RBI’s directive last October, BoB was instructed to halt the onboarding of customers onto the bob World app immediately. This decision came in response to concerns over the manner in which customers were being onboarded onto the platform. Reports emerged suggesting that some employees, particularly from the bank’s Bhopal zonal office, were engaging in fraudulent activities by linking bank accounts to different mobile numbers and registering them on the mobile a...