Bank Of Baroda Assures Customers, Says This On RBI's Action Against On Onboarding Through BoB World Mobile App

New Delhi: Bank Of Baroda (BOB) has said that Bank has already carried out corrective measures to address the concerns of the RBI and also initiated further steps to plug any remaining gaps identified by the Central Bank.

"While the Bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction," Bank Of Baroda said in a regulatory filing.

The statement comes on the backdrop of RBI's action against Bank Of Baroda regarding the onboarding of customers through BoB world mobile app.

RBI in its release said, "The Reserve Bank of India has, in exercise of its power, under section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. This action is based on certain material supervisory concerns observed in the manner of onboarding of 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."

Bank Of Baroda has assured its customers that they will not face any disruption and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app. 

"We would also like to assure all our existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app. Further, this order does not impact any of the Bank’s other Digital Banking channels such as Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. for servicing its existing customers as well as for onboarding of new customers," it said.

The Bank has also emphasised that its Mobile Banking application is fully secure with robust security controls and features. 

"The Bank has always endeavoured to provide seamless digital banking services to its customers and over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features," BoB said.