Big news for Bank of Baroda customers, RBI took serious action regarding the bank’s app.
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The Reserve Bank of India (RBI) has taken a big decision regarding the public sector Bank of Baroda (BOB). This decision of the Reserve Bank is going to affect many customers of Bank of Baroda. This news is very important for millions of users and customers of Bank of Baroda.
The Reserve Bank of India has banned Bank of Baroda from adding new customers or new users on its mobile app ‘Bob World’ with immediate effect. That means now new customer banks will not be able to add on the mobile app ‘Bob World’. However, there will be no impact on old customers using the bank’s app.
RBI has taken this action after receiving complaints from many customers. In this regard, RBI said that this action was taken after some concerns were observed in the way customers were onboarded on the application. This decision of RBI will not affect old customers.
RBI has also issued a statement in this regard. According to the statement issued by RBI, “The Reserve Bank of India, in exercise of its authority under Section 35A of the Banking Regulation Act, 1949, has directed Bank of Baroda to facilitate the process of adding more customers on the Bob World mobile app with immediate effect.” Instructed to suspend.
“Any process of onboarding the Bank’s customers on the ‘Bob World’ app will take place only after the Bank addresses the deficiencies identified and strengthens the related processes and to the satisfaction of the RBI,” the statement said. The bank has been asked to ensure that existing ‘Bob World’ customers do not face any problems due to this suspension.
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