The RBI had imposed restriction on state-owned Financial institution of Baroda (BoB) on October 10, 2023 from onboarding new clients on its cell app ‘Bob World’
The Reserve Financial institution of India (RBI) on Wednesday allowed Financial institution of Baroda to onboard new clients by way of the ‘Bob World’ software, greater than six months after it imposed restriction following materials supervisory issues.
The RBI had imposed restriction on state-owned Financial institution of Baroda (BoB) on October 10, 2023 from onboarding new clients on its cell app ‘Bob World’.
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“We want to inform that the RBI, vide its letter dated Might 8, 2024, conveyed to the financial institution its resolution to elevate the above talked about restrictions on Bob World with quick impact, as such the financial institution is free to onboard clients by way of Bob World software in accordance with the relevant pointers and extant legal guidelines or rules,” the lender stated in a regulatory submitting.
The financial institution will now resume onboarding new clients on the Bob World software, it stated, including that it stays dedicated to make sure adherence and compliance of regulatory pointers.
Final week, the RBI had lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans by way of eCOM and Insta EMI Card.
Earlier, the RBI had imposed restriction on Kotak Mahindra Financial institution from onboarding new clients through on-line and cell banking platforms and to cease issuing recent bank cards with quick impact following scrutiny.
In December 2020, the RBI had barred HDFC Financial institution from issuing new playing cards and launching new digital initiatives after repeated cases of technical outages.
Following remedial motion by HDFC Financial institution, the RBI partially lifted the ban on card issuances in August 2021. Nonetheless, the ban on launching new know-how initiatives was lifted in 2022.
