The Reserve Bank of India (RBI) on October 10 directed the Bank of Baroda to stop onboarding customers to the 'bob World' app, the bank's mobile banking application available for Android and iOS users. "This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application," RBI noted. While RBI has not elaborated on the concerns it observed, it could be linked to the irregularities in onboarding users reported by Al Jazeera (along with the Reporters' Collective) in July 2023. "The second-largest government-owned bank linked mobile numbers of strangers to boost app registrations, compromising security," the news outlet reported in its exposé. This prohibition will be removed only after the "rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI," the central bank informed. However, existing customers who are already using the bob World app should not face any disruption, the central bank directed. Bank of Baroda informed that it "has already carried out corrective measures to address the concerns of the RBI" and has "initiated further steps to plug any remaining gaps identified." The bank will "work closely with the RBI to address their concerns at the earliest to their satisfaction," it added. Also Read Parliament Panel Report Reveals Seven Key Cybersecurity Concerns In India’s Finance Sector “Negligence Comes At A Cost!”: RBI Imposes Fine On AP Mahesh Bank For Lax Cybersecurity Practices Six Strategies To Improve Cybersecurity In The Financial…
News
RBI bars Bank of Baroda from onboarding users on its bob World mobile app
While RBI has not elaborated on the concerns it observed, it could be linked to the irregularities such as the bank linking mobile numbers of strangers to boost app registrations, compromising security, as reported by Al Jazeera and others.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...