Bank of Baroda lifts Restrictions from bob app now it is free to take onboard customers

RBI Lifts Restrictions from Bank of Baroda: Giving a big relief to the big public sector bank i.e. Bank of Baroda, the Reserve Bank of India has given permission to add new customers in the app. After getting relief from the Reserve Bank, now Bank of Baroda will be able to add new customers through its mobile app BoB World. Earlier, while taking action against the bank, on October 10, 2023, the Central Bank had banned the bank from adding new customers through 'Bob World'.

BanA gave information to the stock market

In its exchange filing, Bank of Baroda has informed the stock market about the restrictions lifted by RBI. The bank said that after review, the Central Bank has removed all the restrictions imposed on the bank's application BoB World on May 8 and now the bank is free to add new customers through its app.

Why did RBI take action?

In October last year, the Reserve Bank took major action against Bank of Baroda and banned it from adding new customers through its mobile application BOB World. RBI had taken this step after irregularities in bank service and some supervisory concerns. Earlier, the Reserve Bank had also lifted the ban imposed on Bajaj Finance on giving loans through Ecom and Insta EMI cards.

The impact of the decision is visible on the shares.

After the decision of the Reserve Bank to remove the restrictions imposed on the Bank of Baroda app, its positive effect is visible on the shares of the bank. On Thursday, the shares of the bank have increased by 1.20 percent and currently it remains at the price of Rs 266.10. Earlier on Wednesday, the bank's shares had closed at Rs 262.70 with a rise of 1.35 per cent.

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