Case Brief
RBI, exercising its powers under section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend immediate further onboarding of customers onto the ‘bob World’ mobile application. The regulator cited material supervisory concerns in the bank’s customer-onboarding process for the app. The restriction will remain in place until the deficiencies are rectified and related processes are strengthened to RBI’s satisfaction. RBI also instructed the bank to ensure that customers already onboarded to bob World do not experience any disruption because of this suspension.
Action Snapshot
- Primary Impact
- Business restriction
- Entity Type
- Bank
- Action Type
- Business restriction