What is the reason behind RBI directing Bank of Baroda to suspend onboarding of customers on 'bob World' mobile application

The Reserve Bank of India (RBI) directed Bank of Baroda to suspend onboarding of customers on its mobile application called 'bob World' for the following reasons: 1. Non-compliance: The bank was found to be non-compliant with certain regulatory guidelines set by RBI regarding technology and digital banking. 2. Security concerns: The RBI noticed potential security vulnerabilities in the 'bob World' app, which could compromise customer data and transactions. This may expose customers to unauthorized access and financial risks. 3. Risk mitigation: To protect the interests of customers and ensure a safe banking experience, RBI directed Bank of Baroda to suspend onboarding new customers on the 'bob World' app until the identified issues are resolved. 4. Compliance review: The suspension provides time for the bank to conduct a thorough review of its app's security features, regulatory compliance, and make necessary improvements to meet RBI's guidelines. Overall, RBI's decision aims to safeguard the integrity of digital banking services and protect customer interests in the increasingly digitalized banking landscape.