RBI suspends BOB World mobile App from further onboarding of customers due to material deficienciesÂ
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.
- Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
- Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
- Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
- Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
- Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
