Bank of Baroda allowed to take new customers via Bob World

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The Bank of Baroda has got a shot in the arm from the Reserve Bank of India. The central bank on Wednesday allowed Bank of Baroda to take on new customers through the ‘Bob World’ application. BoB had been barred by RBI on October 10, 2023, to onboard new customers due to supervisory concerns.

“We wish to inform that the RBI, vide its letter dated May 8, 2024, conveyed to the bank its decision to lift the above mentioned restrictions on Bob World with immediate effect, as such the bank is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws or regulations,” the lender said in a regulatory filing.

The bank will now resume onboarding new customers on the Bob World application, it said. The bank added it remains committed to ensure adherence and compliance of regulatory guidelines. Last week, the RBI had lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card.

Recently, RBI had imposed restriction on Kotak Mahindra Bank from onboarding new customers via online and mobile banking platforms and to stop issuing fresh credit cards with immediate effect following scrutiny.