bob world: BoB suspends employees after RBI restriction on mobile app
Bank of Baroda (BoB) has suspended employees and launched an investigation after being banned by the RBI from onboarding new customers onto its 'bob World' mobile app. The suspensions are mainly in smaller towns outside the metros. The RBI banned BoB due to concerns over how the bank was taking on customers, following a news network's exposure of the bank linking accounts to unregistered mobile numbers to boost downloads and sign-ups. The RBI stated that further onboarding will be subject to the bank rectifying the deficiencies and strengthening related processes.
Source: indiatimes.com