The Reserve Bank of India on Tuesday barred state-owned Bank of Baroda from onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.
"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," it said in a statement.
The action, the RBI added, is based on certain material supervisory concerns observed in the manner of onboarding customers onto the 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," it added.
The RBI further said the bank has been directed to ensure that existing 'bob World' customers do not face any disruption on account of this suspension.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
IPL, Ratan Tata, BJP & More: What Indians Googled The Most In 2024
Ripple Debuts RLUSD Stablecoin with Former RBI Chief Raghuram Rajan on Advisory Board RBI Gets Bomb Threat In Russian Language, 2nd Time In A Month Sanjay Malhotra Takes Charge As RBI's 26th Governor "Congress Should Be Ready...": Mani Shankar Aiyar's Big INDIA Bloc Remark 3 Marriages, Rs 1.25 Crore: How 'Looting Bride' Targeted Rich Men Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report Nainital Bank Recruitment 2024: Registration Begins For Clerk Posts, Check Details YouTube Zara Dar Quits PHD To Become Adult Content Creator 'I Received Billions Of Views': Donald Trump Hints At Keeping TikTok In US Track Latest News Live on NDTV.com and get news updates from India and around the world.