Bank of Baroda To Submit BOB World App Audit Rectification Report To RBI
A senior official from Bank of Baroda (BOB) has indicated that the bank is planning to submit a rectification report to the Reserve Bank of India (RBI) regarding their BOB World app within the next two weeks, as reported by a media house on 16 October.
The RBI had previously suspended the onboarding of new customers onto BOB World, the bank's digital banking application, due to concerns related to the onboarding process. The senior BOB official expressed the bank's commitment to rectify these issues and aims to provide a report to the RBI soon.
The bank is optimistic that the RBI will lift the suspension before Diwali, and they are actively working to address the regulatory concerns to the satisfaction of the RBI.
The RBI's directive also stipulated that any future customer onboarding on the application must be subject to rectifying the identified deficiencies and enhancing related processes.
An employee of BOB revealed that the rectification process is being pursued vigorously, with the top management taking the matter seriously, even requiring staff to work on Sundays for auditing.
While some reports in July 2023 raised concerns about the application tampering with customer accounts, the bank stated that the allegations of using unauthenticated or non-customer mobile numbers to inflate app registrations were incorrect.
BOB assures its customers that they will not experience any disruptions and can continue to use the mobile application without interruption. The suspension order does not affect the bank's other digital banking channels, such as Net Banking, WhatsApp Banking, Debit Cards, ATMs and more.
The bank emphasises its commitment to providing secure and seamless digital banking services, backed by robust security controls and features and has invested significantly in technology to ensure customer satisfaction and security.
