The RBI banned the bank from onboarding new users on its bob World mobile app in October of last year under section 35A of the Banking Regulation Act because of some “material supervisory concerns observed in the manner of onboarding customers onto this mobile application.”
“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,” RBI mentioned in a press release statement last year in October.
According to the bank’s analyst presentation, this figure decreased to 7.19 million as of December 31. As of November 15, news agency, Mint revealed that bob World’s activated user base increased by 53% between the end of 2021–2022 and the beginning of 2022–2023.
