RBI: Big action by RBI on back off issue, it will affect the existing customers also!
If your account is in Bank of Baroda then this news is very useful for you. The reason for this is that the Reserve Bank of India has taken a major action on Bank of Baroda. RBI has now banned BOB from adding new customers on the mobile app 'BOB World' with immediate effect.
According to media reports, BOB will no longer be able to add new customers through the app. RBI said that this action has been taken after some concerns were seen in the way customers are included on the application.
At the same time, RBI has also made it clear that old customers will be able to do transactions through the app as before. In a statement issued by the RBI, it was said that Bank of Baroda has been directed to stop the process of adding new customers on the Bob World mobile app with immediate effect. Also, existing customers will not face any problem.