Question
Which bank has been directed to stop on-boarding of new
customers into its mobile banking facility and can be started after rectifying the existing deficiencies observed and strengthening the process according to the RBI standards?Solution
The Reserve Bank of India (RBI) has directed Bank of Baroda (BoB) to stop on-boarding of new customers into its mobile banking facility – ‘bob World’ — with immediate effect. In order to add customers, the bank will have to rectify the existing deficiencies observed and strengthen the process according to the RBI standards.
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