RBI takes action against Bank of Baroda’s mobile app

By: Pune Pulse

October 11, 2023

Pune: Bank of Baroda (BoB), a prominent bank, has raised concerns for millions of its account holders due to recent actions taken by the Reserve Bank of India (RBI) on its mobile application, BoB World.

As per the information provided, the RBI has issued an immediate stay on the addition of new customers to the app, citing errors in the process of customer participation as a matter of concern. As a result of the RBI’s action, new customers will be unable to access BoB’s app, while existing customers who have not yet taken advantage of this service will be temporarily deprived of its benefits. 

Consequently, customers will need to avail themselves of various services offered by the bank either offline or online in other ways. The RBI has instructed banks to ensure that existing customers of BoB World do not face any difficulties. The RBI has exercised its powers under Section 35A of the Banking Regulation Act, 1949, to bar the Bank of Baroda from adding new customers to BoB World until all errors identified by the RBI are rectified. The suspension will be lifted only after these conditions have been met.

Madhupriya Dhanwate