Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949- (Reserve Bank of India) (10 Oct 2023)

MANU/RPRL/0612/2023

Banking

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 on boarding of their customers onto the 'bob World' mobile application. This action is based on certain material supervisory concerns observed in the manner of on boarding of their customers onto this mobile application. Any further on boarding 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. The bank has been further directed to ensure that already on boarded 'bob World' customers do not face any disruption on account of this suspension.

Tags : BOB WORLD APPLICATION ACTION