The Reserve Bank of India (RBI) has instructed Bank of Baroda to immediately halt the customer onboarding process for its ‘bob World’ mobile application due to identified supervisory concerns. The RBI requires the bank to rectify these concerns and strengthen their processes before resuming customer onboarding.
The bank must also ensure that existing ‘bob World’ customers do not experience any disruptions during this suspension. This action follows allegations that bank officials used unrelated phone numbers to boost the app’s user count.
In addition, RBI has imposed a monetary penalty of ₹13 lakh on SBPP Co-operative Bank Ltd, Killa Pardi, Gujarat, for not complying with RBI’s directives on ‘Interest Rate on Deposits’. The central bank also penalized The Sahayadri Sahakari Bank Limited, Mumbai, with ₹6 lakh for violating various banking regulations. Rahimatpur Sahakari Bank Ltd, Satara, received a ₹1 lakh penalty for not following RBI’s instructions on deposit accounts. The Kalyan Janata Sahakari Bank Limited, Kalyan, Maharashtra, was fined ₹4.5 lakh for non-compliance with directives related to interest rates on deposits and deposit account maintenance.
These actions by the RBI are rooted in regulatory non-compliance and do not pass judgment on the validity of the banks’ transactions or agreements with their customers.
By FCCT Editorial Team
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