October 11th 2023.
Shares of state-owned lender Bank of Baroda took a hit in the late morning trade on Wednesday, plunging 3% on the BSE and 2.96% on the NSE. The reason behind the drop in share prices is a directive by the Reserve Bank of India (RBI) that bars the bank from onboarding new customers on its mobile app 'bob World'.
The RBI's action was taken on the basis of certain material supervisory concerns observed in the manner of onboarding customers onto the app, as stated in a statement released on Tuesday. The statement also said that the central bank has "directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application".
In response, Bank of Baroda has assured its customers that they would not be facing any disruptions and would continue to experience uninterrupted services on the mobile app. The bank also said that it has already taken corrective measures to address the concerns of the RBI and has initiated further steps to plug any remaining gaps.
The news about Bank of Baroda came in as the 30-share BSE Sensex surged to 66,488.21 points, while the NSE Nifty rose to 19,799.50 points. Meanwhile, the Uttar Pradesh government is also making headlines after termites damaged a woman's 18 lakh cash kept in Bank of Baroda locker for her daughter's wedding.
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