Bank of Baroda (BoB) on Wednesday said that the Reserve Bank of India (RBI) has lifted the restriction imposed on it in October last year, which banned the lender from onboarding customers onto the ‘bob World’.
The bank is free to onboard customers through bob World, the lender’s mobile banking application, in accordance with the applicable guidelines and extant laws/regulations, BoB said in a filing to exchanges.
The lender said it will now resume onboarding new customers in the bob World application.
In October, the RBI, directed BoB to suspend any further onboarding of their customers onto the ‘bob World’ mobile application, with immediate effect, based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application.
Source: TheIndianExpress
