The app’s base of activated users grew from 19.6 million in FY22 to 30 million in FY23. App downloads have increased from 34 million to 53 million in the same period.
Earlier this month, RBI directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application.
The regulator cited “certain material supervisory concerns” in the manner of onboarding of their customers onto this mobile application.
“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” RBI said in a statement on 10 October.
The regulator also directed the bank to ensure that existing customers of bob World do not face any disruption.