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

News Financial services English Sanctions & Fines

Date: 10th Oct, 2023 Source: Reserve Bank of India Country: India Original Source

Brief

Summary:

The Reserve Bank of India (RBI) has directed Bank of Baroda to suspend the onboarding of new customers onto its "bob World"" mobile application due to material supervisory concerns regarding the customer onboarding process. The suspension is effective immediately

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 onboarding of their customers onto the ‘bob World’ mobile application. This action is based on certain material supervisory concerns observed in the manner of

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Reserve Bank of India

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

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

Brief

Reserve Bank of India

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