Mumbai: Lender of Baroda claimed on Wednesday that the RBI has lifted its ban on BoB Entire world and the bank has now been allowed to onboard buyers through the app.
The lender has said in an exchange filing that the RBI has lifted the restriction with quick influence.
The development arrives 6 months right after the ban was imposed.
The RBI had in Oct 2023 directed the public sector lender to suspend further onboarding of shoppers on Bob Earth mobile application owing to ‘certain product supervisory concerns’ noticed for the duration of the regulator’s inspection of the bank’s procedures.
The Bank of Baroda had subsequently taken out corrective measures to handle the issues highlighted by the RBI.
These involved several techniques at the area and company workplace, which includes the sacking of Chief Digital Officer Akhil Handa.
“We want to inform that the RBI, vide its letter dated May perhaps 8, 2024, conveyed to the financial institution its choice to elevate the over-pointed out limits on Bob Planet with rapid influence as these types of the lender is cost-free to onboard buyers via Bob Environment application in accordance with the relevant recommendations and extant legal guidelines or regulations,” Financial institution of Baroda reported in a regulatory submitting.
BoB Globe, which was first released in September 2021, delivers all its digital banking services beneath just one roof, for its shoppers.