Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949

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....ction against Bank of Baroda under section 35A of the Banking Regulation Act, 1949 <br>News and Press Release<br>Dated:- 11-10-2023<br><BR>The Reserve Bank of India has, in exercise of its power, unde....

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....r section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application. This ac....

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....tion is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. Any further onboarding of customers of the bank on the 'bob....

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.... 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 ....

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....to ensure that already onboarded 'bob World' customers do not face any disruption on account of this suspension. (Yogesh Dayal) Chief General Manager<BR> News - Press release - PIB....