RBI Lifts Restrictions on Bank of Baroda's 'BoB World' App

Tags: Economy/Finance

The Reserve Bank of India (RBI) has removed restrictions on Bank of Baroda's (BoB) mobile application "BoB World" with immediate effect.

An Overview of the News

• BoB is now permitted to onboard customers through the BoB World application, adhering to relevant guidelines and existing laws/regulations.

• In October 2023, the RBI, utilizing its authority under Section 35A of the Banking Regulation Act, 1949, instructed BoB to halt the addition of customers through its "BoB World" mobile application due to specific supervisory concerns.

BoB World App:

• BoB initiated its mobile banking application pilot in 2011, known as Baroda M-Connect.

• "BoB World," a cutting-edge mobile banking app, was introduced by BoB in September 2021.

• The app provides over 220 services, encompassing approximately 90% of retail banking services.

• It facilitates digital account opening and instant issuance of virtual debit cards, along with online loan applications and immediate disbursal for specific loan products.

About Bank of Baroda (BoB)

• Established: 1908

• Headquarters: Vadodara, Gujarat

• Managing Director and CEO: Debdutt Chand

• Tagline: "International Bank of India"