RBI Removes Restrictions on Bank of Baroda’s ‘Bob World’ App

On May 8, 2024, the Reserve Bank of India informed the Bank of Baroda that it had lifted the restriction on adding customers to its ‘Bob World’ mobile app, effective immediately. The bank can now enrol customers through the Bob World app, following relevant guidelines and existing laws and regulations.

The bank will now resume onboarding new customers in the Bob World application. The bank remains committed to ensuring adherence to and compliance with regulatory guidelines.

On October 10, 2023, the RBI directed the bank to suspend the onboarding of customers onto its ‘Bob World’ mobile application based on certain supervisory concerns that the RBI observed in the bank’s mobile banking onboarding processes.