Bob’s World is allowed to add new customers through the app.RBI had stopped adding new customers on October 10, 2023.Now he will start adding new customers on the Bob World app again.
New Delhi. RBI has finally lifted the ban on Bank of Baroda after 7 months. RBI had banned the bank’s app and banned it from creating new customers. Now RBI has given permission to add new customers through the bank’s app ‘Bob World’ application. The Reserve Bank had stopped this government bank from adding new customers through the mobile app ‘Bob World’ on October 10, 2023. The move was taken following oversight concerns.
Bank of Baroda said in a communication sent to the stock exchange, ‘We wish to inform that the RBI vide its letter dated May 8, 2024 has informed the Bank of its decision to remove the above mentioned restrictions on Bob World with immediate effect. Is. The Bank is now free to engage customers through this app in accordance with the applicable guidelines and existing laws or regulations.
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Customers download the app now
The bank said that now it will start adding new customers on the Bob World app again. Along with this, it said that it is committed to ensuring compliance and adherence to regulatory guidelines. Last week, RBI had also removed the ban on Bajaj Finance from giving loans through Ecom and Insta EMI cards. Earlier, the Reserve Bank had banned private sector Kotak Mahindra Bank from adding new customers through online and mobile banking and issuing new credit cards.
Why was the ban imposed?
In July 2023, some media reports said that Bob World was tampering with customers’ accounts. It was said that the bank has linked the mobile numbers of many customers to its app, so that the number of registrations of the app can be shown as increased. After the report, RBI had taken strict steps.
The bank had taken strict action
On October 18, 2023, Moneycontrol reported that Bank of Baroda has taken strict action against the accused employees in this case. Along with suspending 60 of its employees, the bank had also suspended 11 general managers. The bank had also suspended the AGMs of 25 branches in this matter, who were working as area managers, zonal managers and overseas heads.
Tags: Bank of baroda, Bank Of Baroda ATM, business news in hindi, RBI, Reserve bank of india
FIRST PUBLISHED: May 8, 2024, 20:15 IST