look news india
BoB World App: reserve Bank of India (RBI) Big relief has been given to Bank of Baroda. After about seven months, the bank has got permission to add new customers through 'Bob World' app. RBI on October 10, 2023 banned the bank from adding new customers through its mobile app 'Bob World'.
What did Bank of Baroda say?
Bank of Baroda said in the information given to the stock market – We wish to inform that RBI, through its letter dated May 8, 2024, has informed the bank about its decision to lift the above restrictions on Bob World with immediate effect. Banks are now free to add customers through the application as per the applicable guidelines and existing laws or regulations. The bank said it will now start adding new customers to the Bob World app again. Along with this it said that it is committed to ensuring compliance with the regulatory guidelines.
Relief to Bajaj Finance also
Last week, RBI had also removed the ban on Bajaj Finance from giving loans through Ecom and Insta EMI cards. The central bank had in November last year directed Bajaj Finance to stop approving and disbursing loans under two of its loan products – Ecom and Insta EMI cards. This ban was imposed due to non-compliance with the existing provisions of digital lending guidelines.
action on kotak bank
Recently, the Reserve Bank had banned private sector Kotak Mahindra Bank from adding new customers through online and mobile banking and issuing new credit cards. According to RBI, deficiencies were found in the bank's IT risk management.
