Bank of Baroda addresses RBI concerns, ensures seamless customer experience

In response to the RBI's directive to halt new customer onboarding through its 'Bob World' mobile app, Bank of Baroda reassured existing customers of uninterrupted services.

BoB, in an official statement, confirmed the RBI's directive, stating that corrective measures were already in progress to rectify the deficiencies identified in the mobile banking onboarding processes. The bank emphasized its commitment to cooperating closely with the RBI to resolve the concerns promptly and to the satisfaction of the regulatory authority.

Importantly, BoB clarified that the RBI's directive does not impact its other digital banking channels, such as net banking, WhatsApp banking, debit cards, and ATMs. Existing customers and new customers using these channels will not face any disruption in services.

This move by the RBI follows a similar action taken against HDFC Bank in December 2020 when the bank was barred from issuing new cards and launching new digital initiatives due to technical outages.

BoB, stated that it does not anticipate a significant impact on its overall business and growth plans due to this directive. The bank remains committed to ensuring the security and efficiency of its digital banking services and will work diligently to address the concerns raised by the RBI, assuring its customers of a seamless banking experience.

Also Watch: RBI restricts Bank of Baroda from adding new customers to 'bob World' Mobile App