RBI bans Bank of Baroda from onboarding new customers on its mobile app

The Reserve Bank of India (RBI) has instructed Bank of Baroda to suspend onboarding new customers on its mobile app ‘bob World’ due to supervisory concerns. Bank of Baroda has stated that it has taken corrective measures to address the concerns and is working to rectify any remaining issues. The RBI’s action follows similar measures taken against HDFC Bank in the past due to technical outages.