The Reserve Bank of India has directed the Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application, with immediate effect. This action is based on certain material supervisory concerns observed in the manner of onboarding their customers onto this mobile application.
"Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI. The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension", the press release of RBI said.
Source: RBI press release
No comments:
Post a Comment