Bank of Baroda’s ‘BoB World’ is back in action. Let’s dive into the details and see what this means for all of us!

So, here’s the scoop: Bank of Baroda’s shares surged by 3.4 percent to Rs 271 per share on May 9, following the Reserve Bank of India’s (RBI) decision to allow the bank to onboard new customers on its mobile application ‘BoB World.’ 

This relaxation comes after six months of restrictions due to supervisory concerns observed during an RBI inspection of the bank’s processes (Source: Moneycontrol).

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In an exchange filing, Bank of Baroda announced that the RBI has lifted the restrictions on ‘BoB World’ with immediate effect. Now, the bank can onboard new customers on its mobile banking app, bringing back the convenience and accessibility that customers love.

But, what happened?

Last year, the RBI had directed Bank of Baroda to halt customer additions on its ‘BoB World’ app due to complaints about unauthorized customer enrollments by some bank employees. The RBI highlighted supervisory concerns in the onboarding process and mandated rectification of deficiencies before allowing further onboarding.

The ‘BoB World’ app is a vital platform for a large section of Bank of Baroda’s customers, offering services like account openings through video KYC. As the second-largest PSU bank and the third-largest state-owned bank in terms of mobile banking active customers, this move is significant for both the bank and its customers.

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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before investing in market-linked instruments.