RBI suspends BOB World mobile App from further onboarding of customers due to material deficiencies
As per the press release of the Reserve Bank of India it has directed Bank of Baroda to immediately suspend any further onboarding of the customers onto the ‘bob World’ mobile application.
This action has bene taken by the RBI in exercise of its power, under section 35A of the Banking Regulation Act, 1949.
As stated, this action has been taken based on certain material supervisory concerns observed in the manner of onboarding of their customers onto BoB World mobile application.
As per the directions, 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.
The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.
However, details of deficiencies have not been disclosed by the RBI.
- Jewellery purportedly received from grandparent under Will added as unexplained credits
- SC lays down tests to determine if a debt is financial debt or operational under IBC
- Commonality of directors of companies does not mean deposits received was bogus
- Application though named as rectification but if tax is not legitimate, it also touches merit: HC
- Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of FMV
